Quant rallied in May as demand for coins in the real-world asset tokenizing industry rose. It also jumped as the supply of tokens on exchanges fell, signaling reduced selling.
Quant (QNT) price jumped to a high of $119.67 in May, up 101% from its lowest point in April. This surge brought its market cap to over $1.2 billion.
At last check on Sunday, the token’s price hovered at around $110.35. See below.
Source: CoinGecko
Quant’s surge accelerated after the European Central Bank selected it as a pioneer partner in its digital euro project. It was one of the 70 companies on the list, and its role will be to help secure the currency.
The ECB partnership came a few months after it partnered with Oracle, one of the biggest companies globally. Quant’s technology is key in the Oracle Blockchain Platform Digital Assets Edition or OBP DA.
Quant’s technology is helping Oracle enable interoperability and cross-ledger orchestration. It is doing this with its Overledger solution, which is a chain-agnostic solution that enables communication across various blockchains.
Quant, like Chainlink (LINK), will likely play a big role in the evolving real-world asset industry. Data shows there are now $23 billion in tokenized assets, up from less than $50 million in 2020. This growth will continue, with analysts estimating that assets worth trillions will be tokenized in the next few years.
This growth likely explains why investors have reduced their QNT selling pressure. Santiment data shows that there are now 1.67 million QNT in centralized exchanges, down from 1.7 million in May.
Quant price technical analysis
QNT price chart | Source: crypto.news
The daily chart shows that the QNT price has bounced back from a low of $59.24 in April to a high of $119.67 in May. As the 50-day and 200-day exponential moving averages have crossed each other, they have formed a golden cross pattern, which often leads to more gains.
Quant price has formed a cup-and-handle pattern, with the current retreat being part of the handle section. Therefore, the most likely scenario is for Quant price to bounce back and possibly hit the psychological point at $150.
