QNT, the native token of Quant, has seen a 10% surge over the past day, making it the top gainer in the market today.

According to price data from crypto.news, Quant (QNT) was trading at $77.02 upon writing. The altcoin reached an intraday high of $77.77 That’s 37.5% above its weekly low of $56.54, demonstrating strong upward momentum in tandem with the rise in 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 poised to enhance the token’s utility by promoting long-term holding and reducing its circulating supply.

Moreover, the 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, thereby potentially driving the price upwards.

Quant is known for facilitating 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 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 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, as per Coinglass data.

Analyst eye potential upside for QNT

Crypto analyst Dami-Defi, on X, 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.

QNT, the native token of Quant, has experienced a sharp rally over the past week, gaining over 17% in response to the regulatory green light for its staking feature.

According to price data from crypto.news, Quant (QNT) was trading at $70.82 upon writing. The altcoin reached an intraday high of $71.70 That’s 25.2% above its weekly low, demonstrating strong upward momentum in tandem with the rise in the broader altcoin market.

One of the main catalysts behind QNT’s recent rally could be attributed to the long-anticipated confirmation of staking capabilities on the Overledger Network, announced by CEO Gilbert Verdian.

With the platform’s Terms and Conditions updated to include staking, this development enhances the utility of the token 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 embedding 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 operates the Overledger Network, which facilitates the connection of diverse blockchain networks. By holding Quant tokens, developers can create decentralized multi-chain applications. This is intended to bridge the divisions between different blockchains, laying the groundwork for a digital economy in the future.

Whale activity and rising investor interest fuel QNT rally

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 also influence liquidity and price movements, often indicating broader market sentiment.

Per data from Into The Block, 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. Such an 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 major upswing, reaching over 104k addresses on Sep. 2, a 38.67% increase from 75k at the beginning of 2024.

Meanwhile, per 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 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.