Quant price staged a strong comeback, jumping to the year-to-date high, as the bull run gained steam and as crypto.news had predicted.
The Quant (QNT) token soared to a high of $132.23, its highest level since December of last year, and 127% higher than its lowest point this year. This surge aligns with our predictions, as noted here and here.
The Quant price jumped as investors continued to withdraw their tokens from exchanges into self-custody wallets. CoinGlass data shows that exchange reserves continued their downtrend, reaching a low of 892,000, down from the year-to-date high of 1.09 million.
Falling exchange balances are a sign that investors expect the price to continue rising, which explains why they are not selling. Some of the investors buying the QNT token are whales, who have added into their positions in the past few months.
The Quant price is also rising as the weighted funding rate remains in the green, a sign that traders in the futures market expect it to stay higher in the future. The rising funding rate has coincided with an increase in open interest, which has reached its highest point since December.
The Quant price has jumped due to ongoing partnerships with Oracle and the European Central Bank, which are leveraging its Overledger solution. Overledger is an interoperability platform that connects multiple blockchains and traditional systems. It is often seen as an alternative to Chainlink’s (LINK) Cross-Chain Interoperability Protocol.
Quant price technical analysis
The daily chart shows that the Quant price has rebounded in the past few months, moving from a low of $59 in April to $133. It formed a cup-and-handle pattern with a depth of 50%. This pattern comprises of a rounded bottom and a handle.
Measuring the cup’s depth from its upper side yields a target price of $180, which is 37% higher than the current level. For that to happen, QNT price will need to cross the critical resistance at $171.5, the highest swing in November last year. A drop below the support at $120 will invalidate the bullish outlook.
