The Quant token (QNT) has seen significant growth over the past 24 hours, emerging as the market's top gainer today.
Overledger Network Update
The Quant token (QNT) was trading at $77.02, hitting an intraday high of $77.77. This spike in QNT's value appears linked to the recent announcement of new staking capabilities on the Overledger Network, confirmed by Quant's CEO Gilbert Verdian. The updated Terms and Conditions now include provisions for staking, poised to enhance the token's utility by promoting long-term holding and reducing its circulating supply.
Whale Activity
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 from FishTheWhales highlights an uptick in whale transactions, signaling booming confidence in the asset's prospects. Similarly, metrics from Into The Block show a substantial increase in net flow of large holders—those owning at least 0.1% of QNT's supply. 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.
Analyst's Growth Potential
Crypto analyst Dami-Defi pointed out that QNT has broken out of a falling wedge pattern, a traditionally bullish signal. Following this breakout, QNT moved past the $69 resistance level, setting its sights on higher targets. If the momentum sustains, QNT could potentially test resistance at $82 and may even soar to $145.5.
The QNT token shows significant growth thanks to Overledger network updates and whale activity. Analysts note the potential for further price increases.
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