Quant [QNT] Steals the Spotlight From Bitcoin [BTC], Ethereum [ETH], and Solana [SOL]

On the 2nd of May, while most cryptocurrencies struggled to gain momentum, Quant [QNT] stole the spotlight by outperforming major assets and paving the way to continue this upward momentum in the coming days.

QNT price momentum & market sentiment

At press time, QNT was trading at $82.30, registering a price surge of over 8.50% in the past 24 hours.

During the same period, participation from traders and investors skyrocketed, leading to a 115% surge in the recorded trading volume.

The spike in trading volume, alongside rising prices, suggested strong bullish momentum and hinted at a genuine rally, indicating that the uptrend could be sustainable.

With its 8.50% upside move, QNT has outperformed BTC, ETH, SOL, and others, which recorded price surges of 1.60%, 0.35%, and -0.80%, respectively, during the same period.

Quant price action & technical analysis

According to AMBCrypto’s technical analysis, QNT appeared bullish and was poised for massive upside momentum at press time.

The asset recently reversed its downside momentum by breaching a prolonged bearish descending trendline, followed by a brief consolidation.

At press time, QNT successfully broke out of a strong horizontal resistance level at $80, paving the way for further upside momentum.

Based on the recent price action and historical patterns, if the asset holds above the $80 mark, there is a strong possibility it could initially soar by 25% to reach the $104 level in the coming days.

If the upside momentum remains unchanged, QNT could further surge by 18% until it reaches the $123.50 level.

At press time, the token’s Chaikin Money Flow (CMF) was 0.17, indicating strong buying pressure in the asset, which is a bullish sign.

Surging activity

In addition to the bullish price action, on-chain analytics firm IntoTheBlock and derivatives data provider CoinGlass revealed that trader and investor participation in the asset has skyrocketed.

Notably, there was a notable 25.27% jump in the daily active addresses for the asset, indicating growing interest and confidence from investors. It also reflected increased demand for the asset.

Meanwhile, another on-chain metric revealed that traders were currently over-leveraged at $78.90 on the lower side (support) and $87.10 on the upper side (resistance).

They have built $258.71k worth of long and $197.13k worth of short positions at these levels. These positions clearly indicate traders’ bullish outlook.

When combining these on-chain metrics with the technical analysis, it appears that bulls are dominating and could drive the asset to higher levels in the coming days.