The subnet market ranges despite a decline of TAO. the largest subnets still perform well.

Analysis of the currently popular subnet: Score (SN44).

Let's dive in.

The Sum of Alpha Prices has ranged between 1.04 and 1.06 since early November.

The price recently fell to 1.03 before quickly rising back to 1.06 (+3%).

The market continues within its range and remains above the key zone we mentioned in recent Sapho editions (1.00-1.02).

It shows low volatility despite a declining crypto market, a sign of strength.

TAO has been one of the best performers in recent weeks.

However, Bitcoin falling below $100k has hurt the entire crypto market (TAO is down 15% over the last 7 days).

We use Mentat Minds indexes. Details on calculation are on this page. Mentat 5 and Mentat 15 cover the leaders, while Mentat 70 gives a wider picture of the subnet market.

The market continues to rise, and it is still the leaders who are best capturing this upturn.

A double bottom pattern is currently being validated on the Rayon Labs index.

A trend reversal is finally underway after several months of decline on the index.

Score has been performing very well over the last few days (+25% over the last 12 days).

They broke through a key support level thanks to a sharp increase triggered by an announcement that we will discuss later in this newsletter.

Sapho tips: the two upward movements in the chart followed the same pattern as Botom: low volume and then suddenly a large green candle with high volume.

This is a very bullish sign.

In the longer term, the area to look for will be the green zone.

A former very solid support level that was lost during the last decline.

Score is a subnet that develops AI models for computer vision.

Their AI analyzes millions of data points in real time to understand actions and optimize performance.

The subnet currently ranks 11th, with a market cap of $23.12 million, a volume of $2.79 million in the last 24 hours, making it the 7th most traded token.

The token supply is very well distributed, with the three largest wallets holding 14.61% of the supply. This is a rather low proportion compared to what we frequently see on Bittensor.

The first wallet belongs to the team and has not had any transactions for over two months.

The other two are private wallets belonging to whales who have large positions on several subnets.

The first of the two has sold 235 TAO of Score over the last 30 days.
The third has not made any transactions for many months.

We know that Mog Ceo of taostats has been an advisor and investor since the beginning. DSV, an investment fund on Bittensor, has invested in score.

These two wallets may belong to them.

Score has announced a major partnership with Reading FC.

Reading is a soccer club playing in England's third division.

A third division club is already a large professional club generating several million dollars a year.

Why is this bullish?

Few subnets have managed to sign partnerships like this one.

This proves that Score is one of the best subnets in Go-To-Market.

At the moment, no buybacks have been announced or carried out by Score, so the increase in revenue does not mean buying pressure to cover high emissions.

However, the announcement of the partnership caused a bullish movement on the subnet.

The community that the project is building is very strong:

No subnet has really succeeded in building a close-knit community of fans ready to support the project no matter what.

Score could make this one of its major strengths in the future.

In addition, Score signed a partnership with Avia, a major player in the oil industry.

One of the subnets with the best go-to-market strategy and the largest community, this is a combination to watch closely in the coming months.

👀 By the way, Score is currently at +77% APY on Mentat+

Disclaimer: This newsletter does not constitute investment advice. It is a tool designed to help you understand the Bittensor subnet market. Always do your own research before investing.