• IMX nears critical $2 resistance with strong price action and overbought RSI conditions.
• On-chain metrics, including transfer volume and Open Interest, signal increased market participation and speculation.

Immutable [IMX] has surged 12.14% in the past 24 hours, reaching $1.81 and drawing significant attention from traders. 

As it edges closer to the crucial $2 resistance level, many are wondering: can this momentum carry IMX into a breakout, or is a pullback on the horizon? 

Immutable: Is $2 the next target?

IMX has shown remarkable strength, with the Bollinger Bands widening, reflecting increasing volatility. The price currently sits at $1.81, just below the critical $2 resistance level. 

Meanwhile, the Relative Strength Index (RSI) has surged to 75.91, placing IMX firmly in overbought territory.

Therefore, while bullish momentum is strong, there is a chance of a short-term pullback if traders begin to lock in profits.

However, the $1.72 support level has held firm, giving IMX a strong foundation to potentially push higher.

If the token can break through the $2 resistance, it may set its sights on the next major target at $2.50, potentially leading to a larger, sustained rally.

Is the market turning bullish?

Several key on-chain metrics suggest growing interest and activity around IMX, which could further fuel its upward momentum.

Transfer volume has skyrocketed by 1,889.05%, reaching over 11.1 million tokens transferred in the last 24 hours. 

This sharp rise indicates a renewed wave of market participation and accumulation, pointing to increased confidence among traders.

Moreover, the number of active addresses has jumped by 11.54%, totaling 1,468 wallets.

This rise in active addresses reflects growing user engagement on the IMX network, a bullish sign for the token’s long-term prospects. 

Additionally, transaction activity has increased by 14.29%, with 1,449 transactions recorded in the past day, further signaling strong demand for IMX.

Are traders expecting bigger moves?

Open Interest for IMX has surged by 21.37%, climbing to $46.8 million at press time. This spike indicates growing speculative interest in the token, with traders betting on significant future price moves. 

If Open Interest continues to rise alongside price and volume, it could provide the liquidity needed for a breakout beyond the $2 resistance level.

Read Immutable’s [IMX] Price Prediction 2024–2025

Will IMX break out?

IMX’s recent surge has put the token on the edge of a potential breakout. With strong price action, rising on-chain activity, and increasing Open Interest, the momentum is clearly bullish. 

However, the overbought RSI suggests caution is warranted in the short term. If IMX can maintain its current momentum and break through the $2 resistance, it could set the stage for a rally toward $2.50.