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Where does Quant Network stand amid a 90% price rally and significant accumulation of QNT?


In the last quarter, the bloodbath that hit the cryptocurrency market led the prices of many crypto assets to post declines. Since the beginning of Q3 2022, a lot of these crypto assets have shown signs of recovery. With over a 90% price rally since the beginning of the month, Quant Network’s QNT token has taken the lead. Let’s take a closer look at the token’s performance since the beginning of the quarter.

Price-performance analysis

At the beginning of the month, the QNT token logged an index price of $51.8. In the last 15 days, the price of the QNT token shot up by over 92%. At the time of writing, the price per QNT token was pegged at $99.72. 

In the period under review, the token also registered some growth in its market capitalization. Standing at $625.85 million at the beginning of the month, a 92% growth was also recorded in the last 15 days. Currently ranked number 43 on CoinMarketCap’s ranking of crypto assets with the largest market capitalization, at the time of writing, QNT’s market capitalization stood at $1.20 billion. 

An assessment of the token’s performance in the last 24 hours however, told a different story. The QNT token posted a 5% decline in price. The bearish correction came after the token touched a high of $107 per QNT token during intraday trading on 15 July. Trading volume also saw a 15.42% decline in the last 24 hours. 

On the daily chart, the Relative Strength Index (RSI) was spotted in the overbought region of 71.06. Similarly, the Money Flow Index (MFI) marked its spot at 88. This showed that a significant accumulation of QNT tokens has been underway in the past 24 hours. 

Source: TradingView

On-chain analysis

On-chain data revealed that the QNT token saw some gains in the last 15 days. Although, these gains are incomparable to the astronomical growth in price within the same period. 

The number of unique addresses that traded QNT tokens within the period under review saw a 50% growth. At the time of writing, daily active addresses on the network stood at 1834 addresses. Also in the last 15 days, the aggregate amount of QNT tokens across all transactions completed rose by 51%. Valued in USD, this grew from $7.27 million to $29.54 million. 

Source: Santiment

Furthermore, in the last 15 days, a network-wide accumulation of QNT tokens was spotted as the Mean Coin Age took on a rising slope. At the time of writing, the index for this was pegged at 577.

Source: Santiment

Socially, the token saw traction in the period under review. Its social dominance has grown by 200% and the social volume also recorded a 122% uptick.

Source: Santiment

 



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