TAO has indeed been a bit weak these past couple of days. In the last 24 hours, the price has dropped significantly, and from a technical perspective, it's not looking great—EMA7 has already broken below EMA25 and EMA99, all moving averages are trending downward, and MACD is signaling a sell. The 4-hour timeframe is even more concerning; after breaking below 280, the bullish momentum has vanished, and it's now being firmly suppressed by the bears, with a target around 260. Capital flow is also outward, with a clear negative net flow over 24 hours, and market participants continue to sell off.

But that's the interesting part—despite the price decline, the Bittensor ecosystem is actually quite lively. Two new subnets, Hermes and Inference Labs, have gone live, with Inference Labs processing a full 300 million zero-knowledge proofs and securing $6.3 million in funding. Community activity remains high; TAO ranks second in social engagement within the DEPIN project, with 7,300 posts and over 600,000 interactions in total.

While technical indicators do justify a bearish outlook, some analysts point out that TAO might currently be consolidating just above a key demand zone, with the downside relatively controlled, so it may not be purely weak. Community sentiment is clearly divided—some are calling for a bottom, while others warn of further declines. This stage can be seen as a reset period; the future direction will depend on whether the fundamentals can support the price.