At the current moment, Quant [QNT] is priced at $116, showing a 3.7% increase in the last 24 hours. The trading volume has also experienced a significant surge, rising by 42% to $48M, according to data from CoinMarketCap.
While Quant has seen a weekly gain of 12%, it remains down by 11% over the course of a month. Despite this, a detailed examination of on-chain metrics reveals a promising outlook that may drive QNT’s value higher.
Notable Increase in Whale Activity
Information provided by IntoTheBlock highlights a remarkable surge in transaction volumes for QNT surpassing $100,000. Within just 24 hours, these volumes spiked from 7,930 to 85,800, indicating a near 1,000% rise.
The escalating volumes imply a resurgence in activity among Quant whales, a trend that could lead to increased volatility, given that these large addresses hold 51% of QNT’s total ownership.
If these whales engage in buying, it might boost buying pressure and consequently drive Quant prices upwards. Conversely, selling activity from these significant holders could disrupt the current uptrend.
Positive Sentiment Fueled by Wallet Profitability
In the wake of recent gains, the number of profitable QNT wallets has seen a notable increase. Over a span of 24 hours, these wallets surged by 20%, growing from 37,000 addresses to 66,000 addresses.
When a significant portion of wallets turn profitable, it tends to attract new buyers seeking profits. The escalating profitability also indicates a positive sentiment surrounding the token.
The recent uptick in gains, whale activity, and rising profits have collectively generated a bullish sentiment surrounding Quant. Both the crowd and smart money sentiment, as per Market Prophit, lean towards optimism, anticipating further upswings for the altcoin.
Can QNT Reach $137 in an Upward Rally?
Observing Quant’s four-hour chart reveals positive indicators. The Chaikin Money Flow (CMF) indicator has climbed to 0.19, indicating strong buying pressure and an influx of capital into the asset.
The Relative Strength Index (RSI) supports this positive outlook by reaching 61. Despite the recent price increase, the RSI suggests that QNT is not yet in an overbought state, leaving room for continued upward momentum.
During the recent uptrend, QNT faced rejection at the 100% Fibonacci level of $121. If it manages to surpass this level once more, the altcoin could potentially rally by 16% towards the next Fib level at $137.
Quant’s Open Interest Insights
Quant’s Open Interest (OI) has seen a 12% increase, reaching $21M according to Coinglass. This uptick indicates that traders are initiating new positions on QNT, reflecting market consensus regarding the altcoin’s short-term performance.
Despite the rise, Quant’s OI remains down by 15% on a monthly basis. Nonetheless, historical patterns suggest that previous increases have correlated with positive price movements. If this trend persists, it could lead to substantial gains for the altcoin.