QNT Price rallies following regulatory green light for staking

Quant’s native token, QNT, has seen a sharp rise in the past week, gaining over 17% in value after regulators gave the green light to its staking feature.

According to price data from Crypto.news, Quant (QNT) was trading at $70.82 at the time of writing. The altcoin reached a daily high of $71.70. This is 25.2% above its weekly low and shows strong upward momentum amid the rally in the broader altcoin market.

One of the main catalysts behind QNT’s recent surge could be the long-awaited approval of staking capabilities on the Overledger Network, announced by CEO Gilbert Verdian.

⚔️ LIVE: $QNT CEO Gilbert Verdian appeared on Telegram for the first time in 2 years.

And it wasn’t just to say hello…

We now have confirmation that Quant has reached regulatory and legal clarity on “staking and other forms of rewards” and… https://t.co/xZfowp3dN8 pic.twitter.com/JTRm69szOu

— Greg Lunt (@GregLuntX) September 7, 2024

This development increases the utility of the token by incentivizing long-term holding and reducing the circulating supply of QNT, as the platform’s Terms and Conditions have been updated to include staking. This not only provides token holders with the opportunity to earn rewards, but also strengthens the intrinsic value of each token by embedding it more deeply into the operations of the Overledger Network.

Investors generally view such strategic improvements favorably because they represent both increased demand and decreased supply, potentially pushing price momentum upward.

Quant operates the Overledger Network, which facilitates the connection of various blockchain networks. Developers can create decentralized multi-chain applications by holding Quant tokens. This aims to eliminate divisions between different blockchains, creating the foundation for a digital economy in the future.

Whale activity, 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 been increasing their Quant holdings at recent lows. Such accumulations by whales can also impact liquidity and price movements, and are often indicative of broader market sentiment.

According to data from Into The Block, the net flow of large investors, defined as those who own at least 0.1% of the circulating supply, increased from -3.1K QNT on September 2 to 15.41K QNT on September 6. Such an increase in net flow indicates growing confidence among these large investors and fuels bullish sentiment in the market.

Additionally, the number of long-term holders holding QNT for more than a year saw a major increase, reaching over 104k on September 2, a 38.67% increase from the 75k addresses at the beginning of 2024.

Meanwhile, according to Coinglass, QNT’s open interest increased by 87% from $6.47 million at the beginning of September to $12.10 million as of September 9. This could indicate increased investor activity and strong momentum in QNT’s ongoing rise.

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 a falling wedge pattern. This pattern is typically seen as a bullish indicator and suggests a possible reversal in trend. This breakout was followed by a significant bounce from the critical $59.5 support level, reinforcing the idea that buyers are stepping in to defend this price zone.

Dami-Defi also explained that breaking the $69 resistance level, which has been a major hurdle for QNT, now opens the way for higher targets. According to his analysis, the next target for QNT is set at $82, where the token could face additional resistance.

However, if the momentum continues to build and QNT breaks out of this level, it sees $145.5 as the ultimate target, potentially implying a significant upside from current levels.