QNT, the native token of Quant, has seen a 10% surge over the past day, making it the top gainer in the market today.
The native token of Quant, QNT, has surged by 10% over the past 24 hours, making it the biggest gainer in the crypto market today.
At the time of writing, QNT was trading at $77.02, according to price data from crypto.news. The altcoin reached an intraday high of $77.77 That’s 37.5% up from its weekly low of $56.54, showing strong upward momentum as the broader altcoin market also rallied.
The surge in QNT appears to be related to the recent announcement of new staking capabilities on the Overledger Network, which was confirmed by Quant CEO Gilbert Verdian. The updated Terms and Conditions now include provisions for staking, a move that will enhance the token’s utility by encouraging long-term holding and reducing its circulating supply.
Furthermore, the strategic update not only provides incentives for token holders in the form of potential rewards but also increases the intrinsic value of QNT by integrating it more closely with the network’s operations.
This development has struck a positive chord with investors, who see the enhancement as a double-edged catalyst that will increase demand and decrease supply, potentially driving the price up.
Quant facilitates seamless connections between different blockchain networks, enabling developers to build decentralized multi-chain applications. This capability is crucial for promoting interoperability and facilitating a more interconnected digital economy.
Whale activity and decreased exchange supply
Another factor contributing to QNT’s price action is increased activity from large investors, also known as whales, who have been accumulating the token during its recent dips. According to data from FishTheWhales, whale transactions have surged, indicating strong confidence in the asset.
Moreover, metrics from Into The Block show a significant increase in netflow from large holders—those owning at least 0.1% of QNT’s supply—rising from -3.1k QNT to 7.42k QNT from early to mid-September.
Additionally, the number of addresses holding QNT for more than a year has increased by 37.2%, reaching over 102.9k. This long-term holding trend is accompanied by a substantial 87.4% increase in open interest, which rose from $6.47 million to $12.13 million in the first half of September, according to data from Coinglass.
Analyst eye potential upside for QNT
Crypto analyst Dami-Defi, on X, noted that QNT has broken out of a falling wedge pattern, which is typically a bullish signal indicating a possible reversal. After this breakout, QNT moved past the $69 resistance level, aiming for higher targets.
According to Dami-Defi, if the momentum continues, QNT could potentially test resistance at $82 and might even surge to $145.5, marking a significant potential upside from its current price levels.
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