QNT Token Surges 10% in One Day
The native token of Quant, QNT, experienced a significant 10% surge within a single day, positioning itself as the top gainer in the current market scenario. Price data from crypto.news revealed that Quant was trading at $77.02 at the time of reporting. The altcoin even reached an intraday high of $77.77, showcasing a remarkable 37.5% increase from its weekly low of $56.54, indicating a strong upward trend in line with the broader altcoin market.
New Staking Capabilities Drive QNT’s Value
The spike in QNT’s value can be attributed to the recent announcement of new staking functionalities on the Overledger Network, as confirmed by Gilbert Verdian, the CEO of Quant. The revised Terms and Conditions now include provisions for staking, enhancing the token’s utility by encouraging long-term retention and reducing its circulating supply. This strategic update not only offers potential rewards to token holders but also strengthens QNT’s intrinsic value by aligning it more closely with the network’s operations.
Whale Activity and Increased Demand
An increase in activity from large investors, known as whales, has also contributed to the movement in QNT’s price. Data from FishTheWhales highlights a surge in whale transactions, reflecting growing confidence in the token’s future prospects. Correspondingly, metrics from Into The Block indicate a significant rise in netflow of large holders, along with a notable uptrend in long-term holding and open interest. This surge in investor confidence has positioned QNT for potential upside as it continues to attract interest from both retail and institutional players.
Analyst Predictions for QNT’s Potential Upside
Crypto analyst Dami-Defi highlighted QNT’s breakout from a falling wedge pattern, a bullish signal suggesting a potential reversal. With the token surpassing the $69 resistance level, analysts anticipate further upward movement towards resistance levels at $82 and possibly even reaching $145.5. This optimistic outlook underscores the positive sentiment surrounding QNT and its potential for significant price appreciation in the near future.
