Quant: Can profit-taking derail QNT crypto’s push toward $330?
QNT is testing the strength of its rally as renewed wallet activity introduces fresh uncertainty around available supply.
Quant [QNT] is extending its explosive rally, yet profit-taking risk is looming with the latest move.
However, the price of Quant did not have a smooth upward momentum. Instead, QNT first rose towards $330 before retracing towards $232. Later on, it then regained momentum and was trading near $280 at press time.
Notably, the 250% increase in Quant‘s value during the week has resulted in additional unrealized profits for those who have purchased recently.
Still, this recovery shows that there are still many buyers active in the market. However, the $300 area is becoming an important testing ground for these buyers.
At the same time, the RSI stood at 68.04, indicating that bullish momentum remained elevated despite cooling from earlier overbought conditions. After previously recording readings above 80, QNT could still see another push higher before profit-taking activity intensifies.
Dormant wallet moves $6.97M in QNT
Quant’s recent momentum is now facing a new supply issue with the entrance back onto the market of a dormant founder’s wallet. The wallet had been inactive for approximately seven years but recently moved 25,776 QNT worth roughly $6.97 million to new wallets.
This movement represents the first time this wallet has been active since it became dormant. The fact that the tokens were transferred to new wallets raises several questions regarding the holder’s motivation after the price explosion on QNT.
However, the fact that the tokens did not move to a centralized exchange indicates that there may be no immediate intention by the holder to sell those tokens.
The larger concern comes from the wallet’s balance of 600,000 QNT, worth $160.39 million. If more of that balance moves toward exchanges, traders could anticipate additional supply and become more cautious.
Thus, it appears that some or all of those who sold their QNT at the top of the rally have begun to reposition their assets. For now, the transfer adds uncertainty to QNT’s rally without confirming that selling has begun.
Final Summary
- Quant faces rising profit-taking risk after its 250% rally and increased wallet activity.
- QNT’s supply risk is increasing as a dormant wallet moves $6.97 million, raising caution without confirming immediate selling.
