Key takeaways
- IMX is the top performer among the 100 largest cryptocurrencies by market cap, rising about 12% in 24 hours.
- The token may soon test resistance near $0.808.
IMX rally amid rising on-chain activity
IMX, the native token of the Immutable ecosystem, has been the strongest performer among the top 100 cryptocurrencies by market capitalization over the past 24 hours. The token climbed more than 12%, breaking above $0.70 following renewed demand.
This upward move coincides with increased on-chain activity. IMX’s 24-hour turnover ratio sits around 6.2%, reflecting heightened trading flow within the Immutable network. On-chain data reveals that a whale purchased 4.55 million IMX tokens—worth roughly $3.2 million—on September 13.
That purchase triggered a 23% rise in large transactions and acted as the primary catalyst for IMX’s recent rally.
IMX eyes resistance at $0.808
The IMX/USD 4-hour chart shows a bullish but inefficient price structure after Immutable’s sharp advance over the last day. That inefficiency could prompt a short pullback to gather liquidity before the uptrend resumes.
A 64 reading on the RSI indicates buyers are firmly in control, while MACD lines remain well inside bullish territory. If momentum continues, IMX could reach the next major resistance at $0.808 in the coming hours or days. A prolonged bullish run could push the token toward the $1 mark for the first time since January.
However, the inefficiency may also produce a corrective phase. In that scenario, IMX could decline to the $0.660 area in the short term. A stronger support zone and the TLQ level near $0.58 would likely hold unless broader crypto markets experience a severe downturn.
On-chain signals support the possibility of a continued rally for IMX, but upcoming macroeconomic events could influence token performance over the next several days.