Quant price analysis: Will QNT break resistance or face a pullback?

• QNT struggled to break the $85 resistance, with support holding at $75 amid mixed RSI signals.
• On-chain indicators showed whale accumulation and a positive funding rate, hinting at a potential rally.

Quant [QNT] continues to gain the attention of both retail traders and institutional investors due to its strong bullish sentiment.

According to recent data, market sentiment remains optimistic, raising questions about whether QNT can maintain its momentum or face further challenges. 

At press time, QNT was trading at $75.36, down 1.88% over the last 24 hours. Despite this slight decline, many investors are still eyeing its potential breakout, but several factors will determine if QNT can sustain its upward trend.

Key resistance levels and price action analysis

QNT recently tested the $85 resistance level after a steady rise earlier in September. However, the price struggled to break through and retraced to the mid-$70 range. AT press time, the 20-day simple moving average (SMA) was at $75.1, offering crucial support. 

Therefore, holding this level is vital for any further bullish continuation. If QNT remains above this threshold, it could retest the upper Bollinger Band around $80.7, providing short-term relief for bulls.

 Additionally, the Relative Strength Index (RSI) at 58.36 indicates neither an overbought nor oversold condition, suggesting room for price movement in either direction.

However, if QNT falls below the $75 level, the next significant support is near $69.5. A break below this support could signal a deeper correction, making it harder for QNT to regain its bullish momentum.

Source: TradingView

Mixed signals for network growth and transactions

Onchain metrics paint a mixed picture for QNT. Net network growth displayed a slight bearish signal, declining by 0.25%, indicating that fewer new participants are joining the network. 

However, large transactions show bullish activity, with a 0.98% increase, suggesting that whales and institutional investors are accumulating QNT. Consequently, this could lead to upward pressure in the near term.

In contrast, the “in the money” metric remains neutral at 0.44%, implying that most current holders are neither in significant profit nor loss.

Additionally, the concentration of holdings stays unchanged, reinforcing a stable outlook.

Source: IntoTheBlock

What can fuel further growth?

Meanwhile, QNT’s OI-Weighted Funding Rate revealed a slightly positive trend, standing at 0.0098% as of the 29th of September.

This slight uptick signaled growing confidence among long positions, and consequently, futures traders may push QNT higher in the short term. 

Read Quant’s [QNT] price prediction 2023–2024

If the OI-Weighted Funding Rate continues to improve, we could see a bullish rally driven by derivatives trading.

Source: Coinglass

While QNT shows potential for upward momentum, maintaining the $75 support level is critical. The next few sessions will reveal whether QNT can break the $85 resistance or face another consolidation phase.