- QNT broke out of a falling wedge, retesting $139 resistance with strong technical indicators
- Market sentiment and on-chain metrics, including a 3.59% rise in large transactions, also remained upbeat.
Quant (QNT) a leading player in the crypto market, has attracted significant attention due to its bullish breakout and strong technical indicators. Trading at $141.98 after falling 6.08% at press time, QNT appeared to retest the crucial resistance level around $139.
This pivotal moment could determine the token’s next trajectory as it struggles to maintain its upward momentum.
QNT Chart Analysis – The New Key Breakout and Resistance Test
QNT recently broke out of a long-term descending wedge, a classic technical pattern that often signals bullish reversals. However, the ongoing retest of the $139 resistance level is crucial. If this level holds, it could confirm the breakout and lead to higher price targets.
Elsewhere, technical indicators provided a mixed but overall positive outlook. The MACD had a reading of -0.39, showing slight bearish pressure which is steadily decreasing. Additionally, the Stochastic RSI was at 97.50, reflecting overbought levels and indicating strong buying pressure.
Although these numbers, together, signal upward momentum, support at $139 must be held for the bullish scenario to remain valid.
Source: TradingView
On-Chain Signals Reveal Growing Strength
The on-chain metrics reinforced QNT’s bullish case. Net network growth increased by 0.84%, signaling healthy network expansion and increasing user adoption. Additionally, large deals jumped 3.59% – a sign of greater interest from whales and institutional investors.
However, “in-the-money” addresses fell slightly by 0.22%, suggesting a slight drop in profitability for holders. Despite this, foreign exchange reserves fell by 0.07%, with only 1.542 million QNT held on exchanges, according to CryptoQuant analyses. This decline indicates a reduction in selling pressure, often a precursor to an upward movement in prices.
Source: In the block
Market sentiment turns optimistic
Market sentiment around QNT remained bullish, supported by a 3.72% rise in open interest, which stands at $28.27 million. The surge highlighted growing business activity and investor confidence.
Additionally, public sentiment and smart money indicators also seemed to align, further boosting optimism about QNT’s price trajectory.
Source: Coinglass
Read Quant (QNT) Price Prediction 2024-2025
Can QNT recover until 2025?
QNT has a good chance of maintaining its bullish breakout and rebounding. With a strong combination of technical strength, positive on-chain metrics, and growing market sentiment, the token could be poised for an upward move.
However, holding above $139 will be crucial to confirm this breakout and make significant gains through 2025.
