Quant price poised for a short-term sell-off amid potential early-holder selling spree
- 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.
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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.
%2520%5B10.22.02%2C%252017%2520Jun%2C%25202024%5D-638541994337957737.png&w=1536&q=95)
QNT Supply on Exchanges chart
Author
Manish Chhetri
FXStreet
Manish Chhetri is a crypto specialist with over four years of experience in the cryptocurrency industry.
