- QNT was up 10.65% over the past 24 hours.
- Quant fundamentals indicated a high profit taking as holders lack conviction.
Over the past day, Quant [QNT] has made a strong upswing, rising from a local low of $93 to hit a three-month high of $108.
At press time, Quant was trading at $106. This marked a 10.65% increase over the past 24 hours. During the same period, Quant’s trading volume skyrocketed by 606%, reaching $71 million in total.
In the spot market, volume surged 346.9%, climbing to $40.2 million, with a noticeable increase in both buying and selling activity.
Buyers accumulated 27K QNT tokens, while sellers offloaded 26K QNT, highlighting strong market engagement.
Source: Coinalyze
Additionally, Futures market activity has surged significantly, with Quant’s Open Interest rising by 41% to $22 million, according to CoinGlass data.
This increase suggests that investors are actively taking strategic positions, whether long or short.
Despite the spike in futures activity, most investors appear to be going short. Quant’s Funding Rate (FR) has dropped sharply into negative territory, even as price and volume continue to rise.
At the time of writing, the FR hit a monthly low, indicating strong bearish sentiment among futures traders.
Source: Messari
This suggests that most investors are entering the market with short positions, which is typically a bearish signal.
Beyond the growing demand for shorts, the surge in futures activity appears to be driven by selling volume. While Futures sell volume is declining, it remains higher than buy volume, with 6K sell orders compared to 3K buy orders.
This indicates that futures market participants are not bullish, despite the rising prices.
Source: CoinGlass
The spot market reflects a similar trend, with exchange inflows surpassing outflows.
Despite rising prices, sellers have offloaded $1.1 million worth of Quant, signaling significant profit-taking by investors who had been underwater since February.
This price increase, paired with bearish sentiment, raises questions about Quant’s future trajectory.
What’s next for QNT
According to AMBCrypto’s analysis, Quant is experiencing strong upward momentum, but market sentiment is yet to turn bullish.
The altcoin’s MACD and RSI bullish crossovers confirm strong upward momentum.
The RSI crossover indicates a surge in buyer pressure, with buyers firmly controlling the market. Meanwhile, the MACD crossover reinforces this demand, signaling that the uptrend is likely to continue.
Source: TradingView
The bullish crossovers suggest that speculators have entered the market, driving prices higher over the past day.
If speculators continue buying, Quant could rally to $113. However, conviction buyers have yet to step in, and overall market sentiment remains cautious.
Meanwhile, increased selling activity on exchanges indicates that holders are taking profits. If this trend continues, the uptrend may be short-lived, and QNT could retrace to $98.
