Quant (QNT) experienced a notable downturn, dropping by 18% on daily charts to trade around $239. The correction followed a rejection at $326, which caused the altcoin to lose its $300 support level and hit a low of $237. The price decline came on the heels of a parabolic rally that saw the altcoin record 250% weekly gains, triggering widespread profit-taking and selling pressure across the market.
Market data indicated that spot trading volume fell by 33% to $474 million over the same 24-hour window. The sudden reversal forced a significant number of bulls out of the market, with Coinglass reporting over $4.8 million in total liquidations. Long positions suffered the heaviest losses, accounting for $3.5 million of the liquidations and driving heightened risk aversion among traders.
Futures market metrics reflected the shifting sentiment, with Quant Futures recording $480 million in outflows against $453 million in inflows. This pushed the Futures Netflow down by 1120% to -$26.7 million. Additionally, Open Interest dropped by 15% to $167 million as traders moved to close positions and exit the market.
In the spot market, persistent profit realization created continuous downside price pressure. Spot Netflows reversed from negative levels the previous day to sit around $1.3 million, highlighting ongoing capital outflows as investors cashed out their recent gains.
Technical indicators also pointed to weakening upside momentum. The Normalized RVGI declined for three consecutive days to hit 30, while the Relative Strength Index (RSI) dropped and formed a bearish crossover. Although the RSI held near 69—indicating buyers had not completely relinquished control—analysts note that continued profit-taking could push QNT toward a critical support level at $195, while a recovery by market bulls would keep the prospect of reclaiming $300 on the table.
