🌎 Quant Token Rallies 17% After Staking Approval and Whale Activity

QNT, the native token of Quant, has experienced a significant rally over the past week, gaining over 17% following the regulatory approval for its staking feature.

According to recent price data, Quant was trading at $70.82 at the time of writing. The altcoin reached an intraday high of $71.70, marking a 25.2% increase from its weekly low, indicating strong upward momentum in line with the broader altcoin market.

One major catalyst behind QNT’s recent surge could be the long-awaited confirmation of staking capabilities on the Overledger Network, as announced by CEO Gilbert Verdian. With the platform’s Terms and Conditions updated to include staking, this development enhances the token’s utility 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 integrating 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 and the Overledger Network

Quant operates the Overledger Network, which connects diverse blockchain networks. By holding Quant tokens, developers can create decentralized multi-chain applications. This is designed to bridge the divisions between different blockchains, laying the groundwork for a future digital economy.

Whale Activity and Investor Interest

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 influence liquidity and price movements, often reflecting broader market sentiment.

Data from Into The Block shows that 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. This 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 significant upswing, reaching over 104k addresses on Sep. 2, a 38.67% increase from 75k at the beginning of 2024.

Meanwhile, according to 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 social media platform 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.