As an analyst with over two decades of experience in the financial markets, I find myself intrigued by the sudden surge in Quant (QNT) over the past day. Given my extensive background, I can confidently say that the recent announcement of staking capabilities on the Overledger Network and the subsequent increase in whale activity have played significant roles in this price movement.
Today, Quant’s native currency, QNT, has experienced a 10% rise, placing it at the top as the biggest market mover or highest percentage increase in value.
As per information from crypto.news, Quant (QNT) was valued at $77.02 during writing. Throughout the day, this cryptocurrency peaked at $77.77. This represents a significant 37.5% increase over its weekly low of $56.54, suggesting robust upward momentum that mirrors the surge in the overall altcoin market.
It seems that the increase in QNT‘s value may be associated with the recent announcement about the addition of new staking features on the Overledger Network, as affirmed by Gilbert Verdian, Quant’s CEO. The revised Terms and Conditions now incorporate provisions for staking, which could potentially boost the token’s usefulness by encouraging long-term ownership and decreasing its current supply in circulation.
Furthermore, this strategic change doesn’t just motivate token holders through possible benefits, but it also enhances the inherent worth of QNT by making it a more integral part of the network’s functioning.
As an analyst, I’ve observed that this recent development has struck a optimistic chord with investors. They perceive it as a twofold stimulus for heightened demand and decreased supply, which could plausibly lead to a surge in prices.
Quant is renowned for effortlessly linking various blockchain systems, enabling developers to construct cross-chain decentralized applications. This feature is essential in promoting compatibility and setting the stage for a more unified digital marketplace.
Whale activity and decreased exchange supply
A significant factor influencing the fluctuations in QNT‘s price is increased trading by major investors, often referred to as ‘whales’. These investors have been purchasing the token during its recent declines, a trend indicated by data from FishTheWhales. This increase in whale transactions suggests growing optimism among these large investors about the token’s future potential.
In the same vein, data from Into The Block reveals a significant rise in the netflow of substantial holders (those possessing at least 0.1% of QNT‘s total supply) from approximately -3,100 QNT to 7,420 QNT between early and mid-September.
Moreover, the quantity of wallets that have possessed QNT for over a year has significantly increased by approximately 37.2%, exceeding 102,900. This significant growth in long-term ownership is accompanied by a substantial increase of around 87.4% in open interest, going from $6.47 million to $12.13 million during the first half of September, according to data from Coinglass.
Analyst eye potential upside for QNT
Cryptocurrency expert Dami-Defi noted on occasion X that Quantstamp (QNT) had surpassed a bearish trend known as a falling wedge formation – a pattern often seen as optimistic, suggesting a potential turnaround may be imminent. After this breakout, QNT managed to move above the resistance level of $69, hinting at ambitious future goals.
According to Dami-Defi’s forecast, if the current momentum continues, Quantum (QNT) might encounter resistance around $82 and could potentially rise further to reach approximately $145.5, which would mark a significant increase from its current prices.
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2024-09-13 11:30