Unusual Trend in Quant Price: Projecting a 70% Increase
Quant’s price has seen a significant rise over recent months, attributed to its growing collaborations with the European Central Bank and Oracle. This has created a distinctive chart pattern that may indicate further gains in the weeks ahead.
As of July 4, Quant (QNT) was valued at $105, reflecting an increase of over 75% from its year’s lowest mark. This boost has pushed its market capitalization beyond $1.2 billion, positioning it as the 60th largest cryptocurrency.
Earlier this year, Quant Network gained traction when Oracle launched the Oracle Blockchain Platform Digital Assets Edition, which incorporates Quant’s technology. This enterprise-level solution aims to enhance the creation and implementation of digital asset applications.
The platform streamlines and accelerates tokenization by combining a robust distributed ledger system with customizable smart contracts. Quant’s Overledger solution plays an integral role in Oracle’s offering.
The momentum for Quant Network persisted as it was recognized among the firms collaborating with the European Central Bank on the digital euro initiative. There’s optimism that the ECB may also implement Quant’s Overledger solution, a blockchain-agnostic operating system that ensures interoperability across different blockchain networks and traditional systems.
Furthermore, Quant’s valuation could rise in tandem with the advancements of Fusion, a framework designed to protect assets, data, and logic across both public and permissioned distributed ledgers.
Fusion’s Devnet was launched last week, with a testnet anticipated this month. The mainnet is expected to launch “within months,” followed by mainnet+ later on.
In parallel, on-chain metrics indicate that the QNT token supply on exchanges has dwindled to 1.64 million, marking its lowest level since May 25. This trend suggests that investors are moving their tokens into self-custody wallets.
Technical Analysis of Quant Price
The daily chart indicates that QNT hit a low of $59.25 in April before rebounding to $120 in June. It has formed a cup-and-handle pattern, which features two distinct swings and a rounded base. The recent pullback represents the handle portion of this formation.
The range between the cup’s upper and lower boundaries is approximately 50%. By projecting this distance upwards from the top of the cup, a potential rise toward $180 can be anticipated, representing a 71% increase from the current price. However, this optimistic scenario would be invalidated if the token dips below the support level of $85.78.