- A Quant early holder deposited 118,088 QNT tokens worth $9.78 million into the Kraken exchange.
- On-chain data suggest QNT’s dormant wallets are on the move.
- QNT supply on exchange is increasing, suggesting a potential local price top.
Quant (QNT) price could have a short-term downward pressure. Data from Lookonchain suggests that an early holder has deposited 118,008 QNT tokens worth $9.78 million into the Kraken exchange.
This wallet had previously sold 8,050 QNT tokens worth $742,000 at $92 on Uniswap decentralized exchange in the past month, after which the price had crashed by roughly 11%.
Additionally, this event could influence a selling spree or it could be a catalyst that kickstarts a correction amid bearish market conditions.
A $QNT early holder deposited 118,088 $QNT($9.78M) into #Kraken 25 mins ago.
— Lookonchain (@lookonchain) June 17, 2024
This wallet also sold 8,050 $QNT($742K) at $92 on DEX in the past month and currently has 200,000 $QNT($16.55M) left.https://t.co/TOc0IJSB7E pic.twitter.com/YwaYaLrbwx
Santiment’s Age Consumed index adds further credence to the bearish outlook. The spikes in this index suggest dormant tokens (tokens stored in wallets for a long time) are in motion and can be used to spot short-term local tops or bottoms.
For QNT, history shows that the spikes were followed by a crash in Quant price. The most recent uptick on June 17 also forecasted that QNT is ready for a downtrend.
%20[09.08.23,%2017%20Jun,%202024]-638541993905855279.png)
QNT Age Consumed chart
Santiment's data on Supply on Exchange illustrates the total amount of QNT held across centralized exchanges (CEX), decentralized exchanges (DEX), and outside exchanges. An increase in this index suggests potential sell-offs or the formation of local price tops, while a decrease indicates whale accumulation or local price bottoms.
In QNT’s case, the Supply on Exchange increased from 1.56 million on June 16 to 1.68 million on June 17. This 7.6% increase in supply suggests that investors are sending their holdings into the exchanges to book profits, which could lead to the formation of local price tops or potential sell-offs.
%20[10.22.02,%2017%20Jun,%202024]-638541994337957737.png)
QNT Supply on Exchanges chart
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
GENIUS Act advances in the US Senate, the first US federal framework for regulating stablecoins
The US Senate took a major step toward regulating stablecoins on Monday night by voting 66-32 to advance the GENIUS Act. The vote overcomes a Democratic-led filibuster and clears a key procedural hurdle.
SEC Commissioner Hester Peirce says most crypto assets are not securities
Crypto Task Force leader Hester Peirce highlighted in a speech on Monday how the Securities & Exchange Commission (SEC) defines various crypto assets under securities laws.
Solana set for a consensus switch with the introduction of Alpenglow
Solana (SOL) showed signs of recovery in the American trading session on Monday following the introduction of a new consensus protocol, Alpenglow, which would replace the network's current Proof-of-History and TowerBFT mechanisms.
Ethereum Price Forecast: ETH products see increased inflows, but rising shorts slow momentum
Ethereum (ETH) trades around $2,500 on Monday following mixed signals across its on-chain metrics. While strong buying pressure is visible across ETH products and whale balances, hedge funds and traders are boosting their short positions.
Bitcoin: BTC stabilizes near $103,000 amid trade optimism, rising institutional demand
Bitcoin (BTC) price stabilizes at around $103,000 when writing on Friday, after facing multiple rejections at the key $105,000 resistance level throughout the week.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.