Quant (QNT) is getting ready for another big move up after forming a bullish flag pattern on the daily chart.
Analyst Legitcryptonerd says QNT is “making a perfect bull flag” and believes a breakout will push the token toward $1,500–$1,600.
QNT Forms Bull Flag After Big Rally
Notably, the coin has formed a bullish flag pattern after the recent strong price increase. A bull flag usually happens when a coin rises sharply, then moves sideways or slightly down before making another big move.
The analyst used the size of QNT’s earlier rally to estimate a possible target of $1,500 to $1,600. QNT was trading around $264.76 at the time, while the earlier rally took it from about $58.50 to $375, a gain of roughly 519%.
If it repeats a similar move, the price could reach around $1,647.76, slightly above the analyst’s $1,500 to $1,600 target.
Analyst Compares QNT to ZEC
Legitcryptonerd also compared QNT’s current price pattern with past moves in Zcash (ZEC), saying the two charts look similar. The analyst uses this comparison to support the bullish view on QNT.
The analyst also said that “smart money is continuously buying QNT,” but did not provide data showing that large investors are actually buying.
QNT Rally Gets More Attention
QNT has attracted more bullish predictions recently. One crypto influencer, Apex Crypto Insights, said QNT could soar to $50,000, mainly because of its limited supply.
It has about 12.07 million tokens in circulation and a total supply of around 14.88 million. At $50,000 per token, its market value would be about $603.5 billion.
However, reaching $50,000 would require a huge increase in demand. QNT’s previous all-time high was about $428.38 in September 2021.
The current technical target is much lower. From around $264.76, reaching $1,500 would mean a gain of about 467%, while $1,600 would mean about 504%. The chart’s projected $1,647.76 target would be about a 522% increase. For now, the range is only an analyst prediction, not a guaranteed price target.
Quant Fundamentals
Quant was launched in 2018 to help different blockchains work together. Its Overledger technology connects multiple chains so developers can build applications that work on different networks.
These applications are called MApps. Some services in the Quant ecosystem require users to hold QNT, giving the token practical use and creating demand.
The main idea behind QNT is that as more businesses and financial institutions use blockchain, there may be a greater need for different blockchains to communicate with each other. This could increase demand for Quant’s interoperability technology.
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