Quant (QNT) Price Prediction: Will the Altcoin Rally to $137?

Quant [QNT] was trading at $116 at press time after a 3.7% gain in 24 hours. Trading volume had also surged by 42% to $48M

Quant (QNT) price showed promising gains on March 15 as it continued its uptrend. At press time, the altcoin had surged by 3.7% in 24 hours to trade at $116. This recent rally also brought gains of 12% over the past week.

However, QNT’s downturn over the past month still saw it trading down 11% from 30 days ago. An in-depth look at on-chain metrics revealed a positive outlook that could push QNT higher.

Quant whale activity surges 1000%

Data from IntoTheBlock showed a surge in volumes for QNT transactions exceeding $100,000. In just 24 hours, these volumes increased from 7,930 to 85,800, which marked an increase of nearly 1000%.

Rising volumes suggest that Quant whales are becoming active again, which could precede a spike in volatility, considering these addresses account for 51% of QNT’s ownership.

If these whales are buying, it could drive up buying pressure and push Quant prices higher. On the other hand, selling activity could derail the uptrend.

Wallet profitability fuels positive sentiment

Following the recent gains, the percentage of QNT wallets in profits increased significantly. In just 24 hours, these wallets surged by 20% from 37,000 addresses to 66,000 addresses.

When many wallets become profitable, it can attract new buyers looking to book profits. Rising profitability also indicates positive sentiment around a token.

Recent gains, whale activity, and increasing profits have resulted in a bullish sentiment around Quant. According to Market Prophit, both the crowd and smart money sentiment are bullish, as traders anticipate more gains for the altquant.

Will QNT rally to $137?

Quant’s four-hour chart showed bullish signs. The Chaikin Money Flow (CMF) indicator rose to 0.19, suggesting high buying pressure and a surge in capital inflows to the asset.

The Relative Strength Index (RSI) confirms this bullish thesis, rising to 61. This RSI also indicates that despite the recent price gain, QNT is not yet overbought, leaving room for a continued uptrend.

Recent uptrend saw QNT being rejected at 100% Fibonacci level ($121). If it flips this level again, the altcoin could be poised for a 16% rally to the next Fib level of $137.

Quant’s Open Interest suggests…

Quant’s Open Interest(OI) had increased by 12% at press time to reach $21M per Coinglass. This rise indicates that traders are opening new positions on QNT, which points towards market conviction about how the altcoin will perform in the short term.

Despite the rise, Quant’s OI remains down by 15% month-on-month. However, past trends indicate that an increase has previously boded well for the price. If this continues, it could result in solid gains for the altcoin.