Quant Surges 260%, But This Trader Is Already Cash In
Quant (QNT) has experienced an impressive surge of 260% in the past week, reaching a five-year high of approximately $370 before retreating to around $205. The cryptocurrency's price increase has been driven by several key factors, including its selection by The Clearing House for its On-Chain Money Initiative and integration into Murex MX.3 software used by 65 of the world's largest banks.
However, despite the overall optimism surrounding QNT, popular trader Doctor Profit chose to sell his entire position in the token. He noted that while the jump has been impressive, he prefers not to be in crowded long positions and cited high funding rates as a reason for his decision. The Relative Strength Index (RSI) of QNT supports this view, having surged to almost 100 before retracing to around 74, indicating potential overbought territory and a possible short-term correction.
Not everyone shares Doctor Profit's cautionary view. X user Nehal predicts a pullback to the $100-$150 zone followed by a new strong rally that could take QNT above $500, with a potential for a new all-time high of $800-$900. UMER (THE BULL) takes a more bearish stance, claiming that 'QNT game is over' due to hype rather than solid fundamentals.