Immutable IMX Price Surges 41% on Whale Volume Spike

• IMX has formed a falling wedge pattern on the daily chart with a target of $1. 
• A whale went long on IMX, showing increasing bullish sentiment among traders.
• IMX price shot up more than 41% in the past day, reclaiming the 20-day EMA.

Immutable (IMX), the scaling solution for NFTs on Ethereum, has caught the attention of whales and market participants following a massive 41.79% increase in price in the past 24 hours. This move pushed the $IMX token firmly past a $450 million market cap as it eyes further gains.  

Fueling the rally, on-chain data indicates substantial accumulation of IMX by large “whale” traders, coupled with a notable surge in large transaction volumes, sparking speculation about a sustained bullish rally.

Whale Trades and Volume Spike Preceded Surge

According to Whale Alert data, a top trader on the Hyperliquid platform, known for their profitability, recently initiated a long position of $19.54K in IMX at a price of $0.58. This trader’s current total long position stands at $19.51K with an average entry price of $0.58. 

This trader’s notable move suggests strong conviction in IMX’s potential upside.

Further data from IntoTheBlock revealed a spike in large transaction volume for IMX over the past 24 hours. This metric soared to 33.42 million IMX tokens, directly preceding a 41.79% increase in price. 

Related: Immutable Free To Announce Deal After SEC Closes IMX Token Probe

As per CoinMarketCap data, at press time, IMX is trading at $0.6527, slightly below its daily high of $0.6724. This price surge has allowed IMX to reclaim its 20-day Exponential Moving Average (EMA) at $0.482, a key technical indicator often viewed as a short-term bullish signal.

Technical Chart Points Towards $1 Target

Looking at the daily IMX/USDT chart below reveals a falling wedge pattern, a technical formation that often precedes bullish reversals and characterized by converging upper and lower trendlines sloping downwards. 

The recent breakout above the upper trendline of this wedge, which appears to be around the $0.55 – $0.60 level, is a significant bullish signal. To estimate a potential target based on this pattern, we measure the widest distance of the wedge and add it to the breakout point. 

Related: ‘When Is the Next Altseason?’: Altseason Timing: Index, BTC Dominance & Analyst’ Take

The widest part of the wedge spans roughly from $0.40 to $0.80, a distance of $0.40. Adding this to a conservative breakout point of $0.60 suggests a potential target in the vicinity of $1.

The MACD indicator shows the MACD line (blue) crossing above the signal line (orange), with the histogram turning positive. If the MACD lines continue to diverge further into positive territory and the histogram bars increase in size, it would further solidify the bullish outlook.

On the other hand, the Balance of Power indicator currently reads 0.62, which is in positive territory. The BOP measures the strength of buying versus selling pressure. A positive reading indicates that buyers are in control, with prices closing in the upper half of their daily range.