Over the course of a fortnight, there have been massive gains, new ATHs, and standout performances. This is the true definition of success in the real world. However, in the crypto-market, such fame is often fleeting, and coins have vanished into obscurity while attempting to compete with the larger market.
The utility token for the Quant network – QNT – is one such success story. It has risen by more than 175 percent in just two weeks. QNT was trading at $66 on July 20, when the larger market rally began on the back of Bitcoin. QNT, on the other hand, rallied to $181.56 over the next 14 days. On August 4, it reached an all-time high.
Furthermore, the altcoin’s listing on Binance, as has been the case for many other alts, contributed to the rally.
Higher ROI than BTC, ETH, and the majority of altcoins?
At the time of publication, Quant’s yearly ROI was +2220.74 percent (ten times that of Bitcoin), and its monthly ROI vs. USD was +117.65 percent. Ethereum and Cardano, on the other hand, had ROIs of +12.61 percent and -4.38 percent, respectively.
While it is arguable that altcoins have a higher ROI than Bitcoin, these can sometimes be Bitcoin-backed rallies or simply pumps and dumps. However, in the case of Quant, its price has been steadily rising since July 20.
Indeed, this QNT rally has been supported by high trade volume bars as well as a strengthened Relative Strength Index (RSI).
Even though the rally appears to be legitimate, it is worth noting that it occurred in a bullish market on the back of massive Bitcoin gains. Furthermore, despite the fact that almost all of the market’s alts took off during this period, none of them reached their ATHs.
Now that the prices of BTC and ETH have fallen and their bullish momentum has worn off, the question arises. Will Quant be able to hold its top or will it succumb to the general market trend?
Here’s what the numbers say:
On July 29, Quant experienced its highest traded volume since it began trading in 2018. However, according to a recent Santiment report, twice the price was seen going up on lower volume days soon after, indicating that there may be some weakness in demand.
Furthermore, a drop in active addresses (24hr) even as the price continued to rise suggested that weakness was beginning to emerge as fewer participants entered the market. On the daily chart, social volumes had peaked alongside active addresses (24 hours). Notably, both metrics peaked on July 29th, with a smaller peak on August 1st. However, both have been declining since then.
A drop in QNT social volumes indicated that as the excitement waned, so did active addresses.
Furthermore, while QNT’s MVRV (30day) peaked on August 1, it remained in the danger zone because short-term participants appeared to be well in profit and highly incentivized to take it.
According to the metrics, Quant appears to be at a crossroads as the larger bullish rally comes to an end. Quant’s price, on the other hand, has held up fairly well, even as Bitcoin’s price has recently fallen. It will only be a matter of days before we know whether QNT’s price can be sustained.