QNT Price rallies following regulatory green light for staking
QNT, the native token of Quant, has experienced a sharp rally over the past week, gaining over 17% in response to the regulatory green light for its staking feature.
According to price data from crypto.news, Quant (QNT) was trading at $70.82 upon writing. The altcoin reached an intraday high of $71.70 That’s 25.2% above its weekly low, demonstrating strong upward momentum in tandem with the rise in the broader altcoin market.
One of the main catalysts behind QNT’s recent rally could be attributed to the long-anticipated confirmation of staking capabilities on the Overledger Network, announced by CEO Gilbert Verdian.
With the platform’s Terms and Conditions updated to include staking, this development enhances the utility of the token by encouraging long-term holding and reducing the circulating supply of QNT. This not only offers token holders the opportunity to earn rewards but also strengthens the intrinsic value of each token by embedding it more deeply into the Overledger Network’s operations.
Investors often view such strategic improvements positively, as they suggest both increased demand and a reduced supply, potentially driving upward price momentum.
Quant operates the Overledger Network, which facilitates the connection of diverse blockchain networks. By holding Quant tokens, developers can create decentralized multi-chain applications. This is intended to bridge the divisions between different blockchains, laying the groundwork for a digital economy in the future.
Whale activity and rising investor interest fuel QNT rally
Another driver of the QNT price rally is the increase in whale activity around the token. According to whale tracker FishTheWhales, whales have increased their accumulation of Quant at its recent low points. Such accumulation by whales can also influence liquidity and price movements, often indicating broader market sentiment.
Per data from Into The Block, the netflow of large holders, defined as those possessing at least 0.1% of the circulating supply, increased from -3.1k QNT on Sep. 2 to 15.41k QNT on Sep. 6. Such an increase in netflow indicates growing confidence among these large investors, adding to the bullish sentiment in the market.
Additionally, the number of long-term holders, those holding QNT for over a year, saw a major upswing, reaching over 104k addresses on Sep. 2, a 38.67% increase from 75k at the beginning of 2024.
Meanwhile, per Coinglass, QNT’s open interest surged by 87% from $6.47 million at the beginning of September to $12.10 million by Sep. 9, suggesting increasing investor activity and potentially indicating strong momentum in QNT’s ongoing rally.
Analysts eye potential upside for QNT
On X, crypto analyst Dami-Defi highlighted key technical developments for QNT, noting that the token has successfully broken out of its falling wedge pattern. This pattern is often seen as a bullish indicator, suggesting a potential reversal in trend. The breakout was followed by a significant bounce off the crucial $59.5 support level, reinforcing the idea that buyers have stepped in to defend this price zone.
Dami-Defi further explained that surpassing the $69 resistance level, a key hurdle for QNT has now opened the path toward higher targets. According to his analysis, the next target for QNT is set at $82, where the token could encounter additional resistance.
However, if momentum continues to build and QNT breaks through this level, the final target he envisions is $145.5, representing a substantial upside from current levels.
