Quant [QNT] recorded a significant gain on the daily chart since its price broke out of a bullish pennant consolidation pattern after filling a market imbalance at $78 just five days ago.
At press time, Quant’s price had climbed sharply by recording a daily gain of nearly 8%.
The move also followed a decisive breakout above the 20-day and 50-day exponential moving averages, a technical shift that often marks a change in short-term trend direction.
Launchpad for further price rallies?
At the time of writing, QNT was trading above both EMA levels. This positioning is key. If the token prices manage to hold strong above key moving averages, those levels could turn into support.
In Quant’s situation, the 20-day and 50-day EMAs are still holding strong, and they could now offer a potential solid foundation for a reversal attempt to take place.
Quant’s on-chain metrics lean bullish
On-chain data appears to support this emerging strength. Quant’s daily transaction volume has risen notably, reaching 60,000 transactions over the past 24 hours, according to the recent reports.
Taken from the past, rising transaction activity mirrors an increased network engagement, which tends to align with QNT’s improving market sentiment during early trend shifts.
QNT: Long-term holder activity rises
At the same time, exchange-related metrics aligned with the current bullish trend. The number of QNT withdrawals has dropped to its lowest level on record.
The altcoin has recorded only 24 transactions since the morning of the 20th of January to press time. This stands out as the lowest activity level ever recorded.
A decline in withdrawals often signals reduced selling pressure, as fewer tokens move toward exchanges.
That said, the token long-term holder sentiments remain positive, as most elite investors and traders are reinvesting their profits rather than withdrawing to exchanges.
All put together, long-term holders’ activity, a surge in the number of on-chain transactions, and positive technical indicators increase the likelihood of the bullish run continuing further in the long run.
Final Thoughts
- Quant continues its bullish momentum as its price still trades above 20-day and 50-day Exponential Moving Averages (EMAs).
- QNT on-chain activity strengthens as transaction volume rises and withdrawals fall to record lows.
