Bittensor (TAO) is trading at approximately $260.71 as of April 29, 2026, showing signs of recovery with a 5.29% increase over the past week, despite a 30-day decline of 18.19%. The token's market capitalization stands near $2.83 billion. This recovery follows a sharp correction earlier this month due to the exit of Covenant AI, a subnet operator, which raised governance concerns and led to a 15-27% price drop. Community miners have since stabilized the network, establishing support around the $250 mark. Co-founder Jacob Steeves emphasized Bittensor's role as an AI infrastructure during a lecture at Tsinghua University, positioning it as a decentralized marketplace for machine intelligence rather than a speculative AI token. Technically, TAO is forming a falling wedge pattern, often indicative of a bullish reversal. A breakout above the $363 resistance could lead to significant gains, while failure to hold above the $233.7 support may result in extended consolidation.