The second quarter of 2023 has not been the best for investors as the entire market recorded a dip in terms of crypto-prices. Quant token [QNT] was also affected by bearish market sentiments as its price plummeted from over $132 in March to below $100 in recent days. However, as the quarter is coming to an end next month, are there any possibilities of the Quant token touching its 2023 high of $160?
Read Quant’s [QNT] Price Prediction 2023-24
A quick look at Quant token’s tokenomics
Quant has a maximum token supply of 14,881,364. Out of the same, 12,072,738 are currently in circulation. The circulating supply accounts for 81% of the total QNT tokens. Also, as per CoinMarketCap, Quant had a market capitalization of $1.19B at press time, making QNT the 39th largest crypto in the world.
Market sentiment around QNT does not look good
Though the quarter started on a good note, it did not take much time to turn sour. When April began, QNT’s weighted sentiment spiked, reflecting investors’ confidence. Later, the metric declined sharply and remained on the negative side for most of the day. After an increase, QNT’s development activity plummeted.
This could have fueled negative sentiments as it suggested fewer efforts were made by developers to improve the network. QNT’s popularity in the crypto-space also took a blow, as is evident from the dip in its social dominance over the last few weeks.
Source: Santiment
Quant token supply distribution has changed
Santiment’s data revealed that the big players did not make much change in their holdings as the supply held by top addresses did not move much. However, investors at large seemed to have accumulated more QNT.
The token’s total amount of holders has risen steadily over the last few months. Another positive update is that QNT’s supply on exchanges sank while its supply outside of exchanges increased. This is a typical bullish signal as it suggests increased buying pressure.
Source: Santiment
Network activity has been declining
Apart from its price, Quant token has also seen a major decline in its network activity, which is concerning. As per Santiment’s chart, QNT’s daily active addresses declined sharply. Additionally, its unique transactions also followed the same trend and went down in recent weeks.
Source: Dune
Quant token’s network growth also went down, which meant that fewer new addresses were created to transfer the token. Its velocity was also concerning as after spiking on 14 April 2023, it dipped.
Simply put, a lower velocity means that QNT was used in transactions less often within a set timeframe.
Source: Santiment
How much are 1,10,100 QNTs worth today
Q2’s ending might not please investors
Not just on the metrics side, but several market indicators were also bearish for the Quant token.
For example, the Exponential Moving Average (EMA) Ribbon revealed a massive bearish advantage in the market. The 20-day EMA was well below the 55-day EMA, which suggested a further price decline in the coming days.
QNT’s Chaikin Money Flow (CMF) gained southbound momentum and was heading further below the neutral level of zero.
Source: TradingView
In addition to that, QNT’s Relative Strength Index (RSI) lat near the oversold zone. Therefore, it is likely that QNT’s price will go down further before the graph reaches the overbought zone.
Nonetheless, the Money Flow Index (MFI) provided much-needed relief as it registered a slight uptick. However, considering the volatile nature of the crypto-market, it will be interesting to see how the quarter closes for QNT.
