On 21 October, Quant [QNT] snapped a three-day losing streak, as prices recovered from recent losses. The flagship cryptocurrency held above the key support area despite rejection from a high of $220.
But, despite the ‘glamour and glimmer,’ can this trending cryptocurrency maintain the same?
QNT/USD rose to an intraday peak of $179.15, less than a day after falling to a low of $159.06. The move saw the token rise from 21 October’s one-week low. This came just days after trading close to a one-year high. At the time of writing, QNT surged by more than 7% on CoinMarketCap.
According to data from blockchain analysis firm Lunar Crash, QNT’s spike of over 130% made the altcoin stand out amongst the rest as it created headlines. For instance, consider the tweet below.
Quant is today’s Coin of the Day on LunarCrush!
🪐Galaxy Score™ 59/100
Social activity this month:
Social mentions: +185.8%
Social contributors: +199.1%
Social engagements: +242.5%
Real-time #quant metrics: https://t.co/aCWFwGLAIh $qnt pic.twitter.com/WYFxSWJcCn
— LunarCrush (@LunarCrush) October 21, 2022
In fact, the count of its social contributors grew by over 1000% from 1003 social contributors on 1 August to an all-time high of 12,560 social contributors as of 17 October.
Did this create demand as well? Absolutely. Based on the latest QNT technical analysis, the sentiment stood for a ‘strong buy’ at 15. With neutral standing at nine, while the ‘sell’ option is backed by two. Elsewhere, the moving average at 13 is for a ‘strong buy’ while ‘sell’ and ‘neutral’ are at one each.
On the other hand, QNT’s supply on exchanges had been on a steady decline since 1 August as buyers accumulated; hence the surge in price.
Meanwhile, the Quant Network’s native token also stood among the top 10 purchased tokens among 500 biggest ETH whales in the last 24hrs. Also, the respective holders too witnessed a steep growth from around the 50k in mid August to at present at 75k on CoinMarketCap.
JUST IN: $QNT @quant_network now on top 10 purchased tokens among 500 biggest #ETH whales in the last 24hrs 🐳
We’ve also got #FTX Token, $MKR & $COMP on the list 👀
Whale leaderboard: https://t.co/tgYTpOmDm0#QNT #whalestats #babywhale #BBW pic.twitter.com/0TiS6BgI5Q
— WhaleStats (tracking crypto whales) (@WhaleStats) October 21, 2022
Despite seeing green, the general crypto market remained dull. An indicator that QNT’s price surge might face potential exhaustion, especially as the selling pressure accelerates by profit takers.
Whereas, these “holders” especially the dominant ones could also just take profit and exit the network. As per a report, the count of holders of 0.001 to 1000 QNT tokens increased since 1 August. But those that hold 1000 to 1,000,000 QNT tokens gradually let go of their QNT holdings within the period under review.
So maintain caution.