The price of Quant (QNT) is currently at a crucial crossroads, testing a significant resistance level at $96.80. This price point has repeatedly served as a barrier, causing several price surges to falter. As of now, QNT is trading at $94.68, reflecting a 1.28% decrease over the last 24 hours. With momentum building and key breakout signals emerging, all eyes are on whether QNT can break through this resistance or face another rejection.

The Importance of the $96.80 Resistance Level

For the bulls to take control and confirm a potential trend reversal, they need to reclaim the $96.80 resistance level. This price zone is critical in determining the next direction for Quant. A successful breakout could trigger a rally that pushes QNT toward higher levels, potentially reaching $121.60. A further move beyond this could lead to even more gains, with the possibility of QNT testing the $142.90 and $170.00 marks.

However, the situation is far from certain. If the price fails to break above $96.80, it could lead to a pullback toward lower support levels. One such support zone is at $85.00, where buyers have previously stepped in to support the price. Additionally, the broader cryptocurrency market, particularly Bitcoin, will play a significant role in shaping QNT’s price action in the near term.

Bullish Pattern or Pending Rejection?

QNT is currently moving within a falling wedge pattern, a classic bullish reversal setup. This pattern typically signals a change in trend direction, especially when the price breaks above the upper boundary. Despite multiple attempts, QNT has faced rejection at the $96.80 level, signaling the importance of this resistance for the bulls.

Should QNT manage to overcome this hurdle, it could fuel an acceleration toward the $121.60 target, with additional upside potential. On the other hand, failing to break through could result in another decline, which would be a setback for the bullish case. In such a scenario, traders would be watching closely for price action around the $85.00 support level.

On-Chain Metrics: Mixed Signals for QNT

Looking at the on-chain data, the picture is somewhat mixed. The network growth of Quant has shown only a modest increase of 0.29%, suggesting weak adoption. This lack of new users could dampen the overall bullish momentum. However, 1.11% of QNT holders remain in profit, which points to some positive sentiment among existing investors.

Additionally, there has been little change in concentration levels, meaning large holders, or whales, are not significantly accumulating or selling. This lack of major movement from whales could be interpreted as either a sign of indecision or a waiting period for a clearer breakout signal.

The reduction in large transactions (-3.61%) also indicates decreased institutional participation, which could imply that larger investors are temporarily sidelined. However, if these whales re-enter the market aggressively, QNT could receive the boost it needs to push above the key resistance level.

Exchange Reserves: Potential Selling Pressure Ahead?

An interesting development is the slight increase in exchange reserves, which has grown by 0.02%. This suggests a potential rise in selling pressure. As more coins are made available for trading, it increases the chances of volatility. If this trend continues, it could make it more difficult for Quant to maintain its current support levels, especially if selling picks up momentum.

On the flip side, if exchange reserves begin to decrease, it could indicate accumulation, suggesting that investors are holding onto their positions rather than selling. This would ease selling pressure and could lead to a more favorable outlook for QNT.

Will Liquidations Trigger Volatility?

Another key factor to watch is the potential for forced liquidations. According to the Binance liquidation heatmap, significant liquidation clusters are located between $96 and $98. If Quant’s price reaches these levels, it could trigger rapid price movement as short sellers are forced to close their positions.

In the event of a breakout above $98, QNT could quickly push toward the $100 mark as short positions are liquidated, potentially accelerating the price rise. However, should the price face rejection in this range, a retracement to $90 is possible, where liquidity support exists.

This phenomenon could result in sharp volatility, and traders should be prepared for sudden price swings as the market tests these critical levels.

What’s Next for QNT?

Quant is currently at a pivotal point. A breakout above $96.80 could signal a bullish shift, leading QNT toward $121.60, with further upside potential. On the other hand, failure to break through could result in a decline to the $85.00–$90.00 region, where buyers may step in to support the price.

For the bulls to maintain momentum, it is crucial that volume picks up as QNT tests resistance. If trading activity increases near these levels, it could help confirm a breakout, driving the price higher.

As always, broader market conditions, especially Bitcoin’s price movements, will continue to play a significant role in determining the direction of QNT’s price in the near term. With forces from both technical analysis and on-chain metrics at play, QNT’s price action in the coming days will be crucial for traders and investors alike.

Final Thoughts

In conclusion, Quant’s ability to break the $96.80 resistance is a critical juncture for its price. A successful breakout could lead to significant gains, while a rejection may cause a pullback. As always, keeping an eye on broader market trends and key metrics will be essential for understanding the next moves for QNT.