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Why QNT and JUP Are Among Today’s Top Gainers
The cryptocurrency market has been filled with surprises in recent times, and today is no exception as Quant (QNT) and Jupiter (JUP) have emerged as the top performers. In this article, we will analyze the key drivers behind their significant price surges.
Quant’s partnership with the BIS (Bank for International Settlements), a crucial milestone in central bank blockchain adoption, has triggered an unprecedented rally of 6.35% in the past 24 hours. This surge is further amplified by the growing sentiment towards global Distributed Ledger Technology and CBDC frameworks. The asset price surged to $105.35 with trading volume increasing sharply by 41.8%, a testament to the increased buying pressure.
Technical analysis suggests that buyers are focusing on the psychological resistance level of $110, which may lead to extended rallies if successfully broken. On the flip side, any signs of rejection could result in a healthy correction towards $100.
Jupiter’s impressive rally is fueled by its dominant position in Solana DEX trading volume surpassing $1 trillion, solidifying its stronghold in the decentralized finance (DeFi) ecosystem. This significant milestone has instilled confidence among investors, resulting in a 5.51% hike to $0.4209.
The cryptocurrency’s technical setup appears robust, with recovering momentum not entering overbought territory as reflected by an RSI of 47.25. Additionally, Bollinger Bands have narrowed, hinting at the potential for imminent volatility expansion. The immediate resistance stands at $0.43, and a successful breakthrough could propel the asset towards the coveted $0.50 level.
However, failure to maintain strength above $0.41 might prompt a pullback towards the base support of $0.38.
In summary, Quant’s partnership with the BIS has propelled it to unprecedented heights, while Jupiter’s dominance in Solana DEX trading volume has fueled its remarkable gains.
Source: coinpedia.org
