Quant (QNT) Price Surged Past $88 as Investors Bought the Dip

QNT token rose to a high of $88.55 on Wednesday, its highest level since March 3 and 50% above its lowest level this year.

Quant crypto price surged in the past few days as investors continued to buy the dip. The QNT token soared to a high of $88.55 on Wednesday, its highest level since March 3 and 50% above its lowest level this year.

Here are some of the top reasons why the coin is likely to continue its upward trajectory in the near term:

Key Partnerships Are Strengthening Quant’s Market Position

Quant is an operating system for companies, governments, and other entities to develop fintech solutions leveraging blockchain technology. It is the developer of Overledger, a network that facilitates interoperability between multiple blockchains and legacy systems.

Overledger acts as a middleware layer, enabling creators to build multi-chain applications and connect systems without requiring changes to the blockchains. It is often compared to Chainlink’s Cross-Chain Interoperability Protocol (CCIP), which provides a standard for decentralized cross-chain communication. The primary distinction is that Quant’s technology is blockchain-agnostic and primarily targets large enterprises.

One reason why Quant price might surge is that it has solid partnerships. Earlier this week, it was revealed that it is one of the companies helping the European Central Bank (ECB) in the creation of a digital euro.

Quant also has a partnership with Oracle, one of the top technology companies in the world. Its technology powers Oracle Blockchain Platform Digital Assets Edition (OBP DA) that helps it move digital assets within a unified ledger architecture. Other companies using Quant include SIA, Constellation Network, KPMG, Hitachi, and Deloitte.

Quant price will likely benefit from the ongoing decline in exchange reserves. CoinGlass data shows that there are 938k QNT tokens on exchanges, down from 1.08 million in November last year.

A significant drop in exchange reserves is a sign that holders are not selling their coins, which is a bullish catalyst.

QNT Price to Benefit From RWA Theme

Quant price will likely benefit from the ongoing Real World Asset (RWA) theme, which is expected to heat up over time. Analysts estimate that assets worth trillions will be tokenized over the next decade. This optimism is why the Securities and Exchange Commission (SEC) will meet industry companies for a roundtable.

If the industry grows, it will need partners who offer some of the services that Quant’s technology provides. The fact that it has blue-chip partners will help it in boosting its credibility in the industry.

Quant Crypto Price Has Solid Technicals

Further, the daily chart shows that the QNT price has been in a slow uptrend in the past few weeks. It has already moved above the 50-day moving average and the 76.8% Fibonacci retracement level, a technical indicator used to identify potential support and resistance levels.

Additionally, both the Relative Strength Index (RSI) and MACD indicator have shown an upward trend, which indicates that the coin has increased market momentum. Therefore, the coin is likely to continue surging as bulls target the next key resistance level at $122, up by 40% from the current level. A move above that price may spark a rally to the 38.2% retracement level at $125.

News data source: kdj.com

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