• Quant [QNT] experienced a huge spike in whale transactions exceeding $100,000 on 7 January.
• Price movements suggest the possibility of coin accumulation.
• At press time, QNT exchanged hands at $113.52 and has gone up by 7% in the last week.
Quant [QNT] saw a huge surge in whale transactions exceeding $100,000 on 7 January, with 221 transactions valued at over $100,000, its highest in 16 months. This spike in large transactions caused a noticeable uptick in the coin’s price movements, suggesting the possibility of coin accumulation.
The sudden spike in large transactions is a positive signal for the crypto asset, as it indicates the increasing involvement of high net-worth investors. In fact, after a similar increase in the volume of whale transactions on 30 December, the price of QNT quickly rose by 10%.
At press time, QNT exchanged hands at $113.52. According to data from CoinMarketCap, QNT’s price has gone up by 7% in the last week. An analysis of the crypto asset’s performance on a daily chart suggests that the bullish trend might continue as long as macro factors remain favorable.
A look at QNT’s Bollinger Bands (BB) indicates very low price volatility in the market. Furthermore, with the narrow bandwidth between the upper and low bands of the BB, QNT’s price is less prone to significant price changes in the interim. This suggests that QNT holders would be able to ride out the bullish momentum to log profits before the re-entry of the bears into the market.
In conclusion, the huge spike in whale transactions and the subsequent price movements suggest that QNT could be a good investment option in the short term. However, investors should exercise caution and do their own research before investing in any cryptocurrency.