QNT leads market gainers with 10% surge, analyst eye further gains

Quant’s native token, QNT, has been the top gainer in the market today, seeing a 10 percent increase in the past day.

According to price data from Crypto.news, Quant (QNT) was trading at $77.02 at the time of writing. The altcoin reached a daily high of $77.77. This is 37.5% above its weekly low of $56.54 and shows strong upward momentum amid the rally in the broader altcoin market.

The rise in QNT’s value appears to be linked to the recent announcement of new staking capabilities on the Overledger Network, as confirmed by Quant CEO Gilbert Verdian. The updated Terms and Conditions now include provisions for staking, which is set to increase the token’s utility by incentivizing long-term holding and reducing its circulating supply.

Moreover, the strategic update not only provides incentives to token holders by offering potential rewards, but also increases QNT’s intrinsic value by more closely integrating it into the network’s operations.

This development has found positive response among investors, who see this development as a dual catalyst of increasing demand and decreasing supply, which gives the price the potential to move upwards.

Quant is known for providing seamless connections between different blockchain networks, allowing developers to build decentralized multi-chain applications. This ability is critical for promoting interoperability and paving the way for a more harmonious digital economy.

Whale activity and declining foreign exchange supply

Another factor contributing to QNT’s price action is the increased activity of large investors or whales who accumulated the token during its recent declines. Data from FishTheWhales shows an increase in whale transactions and increased confidence in the asset’s prospects.

Similarly, metrics from Into The Block show a significant increase in net flow by large holders who own at least 0.1% of the QNT supply, from -3.1k QNT to 7.42k QNT in early to mid-September.

Additionally, the number of addresses holding QNT for over a year increased by 37.2% to over 102.9K. This upward trend in long-term holding is paralleled by a remarkable 87.4% increase in open interest, which rose from $6.47 million to $12.13 million in the first half of September, according to Coinglass data.

Analysts eye potential upside for QNT

Crypto analyst Dami-Defi noted that QNT broke out of a falling wedge pattern at X, traditionally a bullish signal indicating a possible reversal. Following this breakout, QNT broke through the $69 resistance level and headed higher.

Dami-Defi predicts that if the momentum continues, QNT could potentially test the $82 resistance and even rally to $145.5 in a major bounce from current price levels.