During a relatively calm weekend trading session in which most larger-cap cryptocurrencies have remained sideways, Quant’s QNT has gone on a tear, skyrocketing by 75% in the past 24 hours alone to over $180.
A major US banking partnership appears to be the most evident catalyst, although on-chain data shows activity began heating up well before the announcement was made public.
Why Is QNT Soaring?
Interestingly, the biggest fundamental development didn’t come in the past 24 hours. It was announced on September 24 when The Clearing House selected Quant to power its On-Chain Money Initiative. The crypto project will provide the interoperability, orchestration, and transaction-management layer for the planned network, allowing financial institutions to clear and settle tokenized deposits while connecting with existing payment infrastructure, including the RTP and CHIPS networks.
Both parties expect to launch the system to participating institutions in the first half of 2027. The scale involved helps explain why this announcement attracted so much attention. The Clearing House says its US payment networks clear and settle more than $2 trillion every day, across wire, ACH, check-image, and real-time payments.
However, the activity around Quant and its native token started to pick up over a week before the partnership made the news. Santiment Intelligence said that active addresses exceeded 870 every day between September 16 and 23, whereas they had not topped 792 during the first half of the month.
New addresses were also running at approximately 1.8 times their earlier September weekday average. After the announcement, though, active addresses exploded to 2,064 on September 24, which marked the highest level in nearly a year. QNT’s price skyrocketed by 27% that day.
How High, QNT?
There’s no way to sugarcoat what happened to QNT’s price in the past day and week. The asset is up by 75% since this time yesterday and by a whopping 185% weekly. It currently trades at $180 after briefly topping $190 earlier today.
Crypto Patel, who outlined the significance of the $115 support recently, noted that QNT has reached a couple of his big targets. However, he warned that investors should not FOMO in and start buying now, trying to catch the next wave up. Instead, he noted that consolidation and retracement become important after such a parabolic move, and predicted that the price could settle somewhere between $50 and $100 before the next big move.
EGRAG CRYPTO shared a similar warning, indicating that investors should buy the retracements on such occasions, as going blindly into a token that has posted such a green candle could prove counterproductive.
Source: CryptoPotato
