Quant (QNT) has been the best performing crypto asset among the top 100 by market cap over the past week. Quant is a London-based company that builds Overledger, software that lets banks and enterprises connect their existing systems across multiple blockchains. QNT is its token which is used to pay for access to that network. Over the last seven days, QNT has rallied from around $64 all the way to a high of $371 before retracing to around $260 at the time of writing.
The catalyst to the over 300% rally came on September 24, when two separate bank announcements dropped on the same day. One came from the US and the other from the UK, putting Quant right in the middle of the push by traditional banks to move deposits onchain.
The Clearing House Picks Quant for its Tokenized Deposit Network
The Clearing House selected Quant to power its new tokenized deposit network. The Clearing House is owned by 25 of the largest US banks which includes JPMorgan Chase, Bank of America and Citi, and its payment networks settle more that $2 trillion a day. The press release states that the network is expected to go live in the first half of 2027.
The Clearing House sits at the heart of a large share of US dollar payments and therefore any sort of tokenized product it launches could set the stage for the broader industry.
Seven UK Banks Move Tokenized Pounds on Quant’s Platform
On the same day, some of the largest banks in the UK, such as Barclays, HSBC, Lloyds, NatWest and Santander, completed the first ever interbank transactions using tokenized pound deposits. The transfers took place on a platform built by Quant as part of a live pilot.
These deals meant that Quant was inside both the US and UK banking systems within a single week.
QNT Gets Rejected at $320
On the daily chart, QNT opened today near $286, tagged $320 and got sold back to around $258, a drop of about 10%. The blow-off wick from earlier in the rally topped out near $370. Traders will be looking at the $320 to $370 zone as the first area to reclaim.
Price is also sitting inside a range with some history. After the 2021 all-time high, QNT chopped between $250 and $300 for months before breaking down in 2022. That band acted as a ceiling today too. Above it, the only real resistance left is the 2021 peak zone between $400 and $430.
If the move cools off, the 2022 high near $210 to $225 is the first support. The December 2024 high around $160 to $170 comes next. Below that the chart is almost empty until roughly $100, since QNT ripped through that range in a matter of days and left very little price structure behind.
Daily RSI Hits Its Highest Reading in Five Years
The daily RSI is sitting at around 86, its most stretched level on the five-year chart. Add today’s long upper wick and there are early signs the rally is running out of steam. A pullback or a stretch of sideways trading looks likely in the short term, and with so little support under $200, any drop could move quickly.
There is also a gap between the news and the token. Both bank mandates went to Quant the company. How much of that business actually flows through QNT hasn’t been spelled out yet, which means part of this week’s move is traders pricing in what might happen rather than revenue that’s already signed.
Don’t just read crypto news. Understand it. Subscribe to our newsletter. It’s free.
