Amidst the recent turmoil in the cryptocurrency market, Quant (QNT) stands out as a shining star with its impressive performance in the past 24 hours.
Despite the bearish mode of the leading currencies, QNT managed to gain about 10% earlier today, along with a significant rise in its 24-hour trading volume.
The QNT token has witnessed a surge in its trading volume, which is up by over 50%, and the market cap has also seen an 8% increase. According to the latest data from CoinMarketcap, QNT is currently trading at $118.47, and it seems to be under bullish pressure.
As per the technical analysis of the price action of QNT, a new resistance level is likely to form at $124. The old resistance levels are expected to turn into support levels, which will further strengthen the bullish sentiment.
Today’s trading activity has been dominated by the bulls, as indicated by the formation of a long green trend on the chart. However, if QNT fails to hold the $124 level, it may experience a minor correction. The support levels to watch out for in this scenario are $124 and $110.
Quant Connectivity To Avalanche Blockchain
There are some factors by which Quant (QNT) has been gaining attention, one of which is that Quant (QNT) announced its connectivity to the Avalanche blockchain.
This enables firms to launch projects that work alongside their legacy systems without disruption, as well as across different blockchains.
Last month, the company released Overledger 2.2.24, which includes support for Avalanche’s main smart contracts chain, C-chain, opening up another area of functionality for customers.
According to Martin Hargreaves, Quant’s chief product officer, the addition of Avalanche to their supported blockchains will enable customers to issue, manage, and interact with assets on the platform, as well as its ESG-friendly innovative consensus protocol.
Quant’s core focus is interoperability, both between different blockchains and between blockchains and legacy systems. The other chains supported by the company include Bitcoin, Ethereum, Ripple, Polygon, Polkadot, XDC, Fabric, and Besu.
The move to connect with Avalanche comes as public blockchains offer advantages in terms of speed and cost. Private equity pioneer KKR recently opened its $4 billion Health Care Strategic Growth Fund to distribution via Avalanche.
The platform claims to be the fastest smart contracts platform in the blockchain industry, with transactions on its blockchain increasing 1,500% year-on-year in 2022. Its enterprise users include CME Group, payments company FIS, and Mastercard.