QNT Price rallies following regulatory green light for staking

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As a seasoned crypto investor with over a decade of experience under my belt, I’ve learned to keep a keen eye on regulatory green lights and network updates that could potentially catapult altcoins like Quant (QNT) into the stratosphere. The recent rally of QNT, driven by the confirmation of its staking capabilities on the Overledger Network, is a perfect example of this phenomenon.

Over the last seven days, the value of QNT, the token associated with Quant, has significantly increased by more than 17%. This surge is due to the positive regulatory feedback regarding its staking functionality.

Based on the latest price figures from crypto.news, Quant (QNT) was priced at approximately $70.82 at the time of writing. During the day, it peaked at $71.70, which represents a 25.2% increase over its weekly low. This significant surge indicates robust upward momentum for QNT, mirroring the overall rise in the broader altcoin market.

A significant factor contributing to QNT‘s recent surge might be the announcement by CEO Gilbert Verdian about the long-awaited activation of staking features within the Overledger Network, which many have been eagerly awaiting.

🛡️ ☝️Quant CEO Gilbert Verdian Emerges on Telegram After a Two-Year Absence

However, his return wasn’t merely to greet everyone…

We now have confirmation that Quant has secured regulatory and legal understanding regarding “staking and other reward systems,” and…

— Greg Lunt (@GregLuntX) September 7, 2024

By revising the platform’s Terms and Conditions to incorporate staking, this change boosts the token’s functionality by motivating long-term investment and decreasing the available quantity of QNT. This not only provides token holders a chance to receive rewards but also fortifies the inherent worth of each token by integrating it further into the workings of the Overledger Network.

Strategic enhancements are frequently seen favorably by investors because they indicate an uptick in demand and a decrease in supply. This situation can lead to an increase in prices over time.

As an analyst, I oversee the functioning of the Overledger Network, a platform that seamlessly connects various blockchain networks. By possessing Quant tokens, developers have the ability to design multi-chain decentralized applications, thereby bridging the gaps between diverse blockchains. This innovative approach paves the way for a unified digital economy in the future.

Whale activity and rising investor interest fuel QNT rally

One factor contributing to the surge in QNT‘s price is a rise in significant investor activity, specifically an increase in whale interest towards the token. As reported by whale tracker FishTheWhales, these large investors have been buying more Quant at its recent low prices. This accumulation by whales can impact liquidity and price trends, often reflecting broader market sentiments.

According to Into The Block’s data, the number of substantial investors (those holding at least 0.1% of the total supply) rose significantly from -3,100 QNT on September 2 to 15,410 QNT on September 6. This significant increase in investment suggests that these large-scale investors are becoming more confident, which strengthens the optimistic outlook within the market.

Furthermore, there was a significant surge in the number of investors holding QNT for more than a year, with approximately 104,000 wallets reported on September 2, marking a 38.67% rise from the 75,000 recorded at the start of 2024.

During this period, as per Coinglass reports, the open interest for QNT increased by approximately 87%, rising from $6.47 million at the start of September to $12.10 million on Sep. 9. This growth could be a sign of heightened investor activity and possibly indicate a robust momentum driving the ongoing surge in QNT’s price rally.

Analysts eye potential upside for QNT

crypto analyst Dami-Defi pointed out important technical advancements regarding QNT, mentioning that the token has managed to escape from its downward wedge formation. This pattern is usually viewed as a positive sign, implying a possible shift in direction. The breakout was then accompanied by a strong rebound off the pivotal $59.5 support point, strengthening the notion that investors have intervened to safeguard this price area.

Dami-Defi went on to clarify that breaking past the $69 barrier, which was a significant challenge for QNT, now paves the way for higher objectives. Based on his assessment, the upcoming goal for QNT is projected at around $82, where the token might face further resistance.

Should the momentum persist and Quantum Scape (QNT) surpass the present resistance, the ultimate goal he foresees is around $145.5, which signifies a significant increase from its current prices.

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2024-09-09 12:33