🌎 QNT Surges 10% Amid New Staking Capabilities and Whale Activity

QNT, the native token of Quant, has experienced a 10% surge over the past day, making it the top gainer in the market today. Quant was trading at $77.02 at the time of writing, reaching an intraday high of $77.77. This is 37.5% above its weekly low of $56.54, demonstrating strong upward momentum in line with the broader altcoin market.

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

Moreover, this strategic update not only incentivizes token holders with potential rewards but also bolsters the intrinsic value of QNT by integrating it more closely with the network’s operations. This development has resonated positively among investors, who view the enhancement as a dual catalyst for increased demand and reduced supply, potentially driving the price upwards.

Quant facilitates seamless connections across different blockchain networks, allowing developers to build decentralized multi-chain applications. This capability is critical for fostering interoperability and paving the way for a more cohesive digital economy.

Whale Activity and Decreased Exchange Supply

Another factor contributing to QNT’s price movement is heightened activity from large investors, or whales, who have been accumulating the token during its recent dips. Data shows an uptick in whale transactions, signaling growing confidence in the asset’s prospects.

Metrics indicate a substantial increase in netflow of large holders—those owning at least 0.1% of QNT’s supply—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 surged by 37.2%, reaching over 102.9k. This uptrend in long-term holding is paralleled by a notable 87.4% rise in open interest, climbing from $6.47 million to $12.13 million in the first half of September.

Analyst Views on Potential Upside for QNT

Crypto analyst Dami-Defi pointed out that QNT has broken out of a falling wedge pattern, a traditionally bullish signal indicating a possible reversal. Following this breakout, QNT moved past the $69 resistance level, setting its sights on higher targets. Dami-Defi predicts that if the momentum sustains, QNT could potentially test resistance at $82 and may even soar to $145.5, representing a major jump from its current price levels.