Immutable’s native token, $IMX, surged from $0.550 to an intraday high of $0.6748 on Thursday night, recording an impressive 24.5% gain within just four hours.
This sharp rally pushed $IMX’s market capitalization above $1.1 billion, ranking it as the 65th-largest cryptocurrency by market cap.
The surge was supported by a 292% increase in trading volume, with over $164 million worth of $IMX tokens traded in the past 24 hours.
Immutable Dominates Web3 Gaming with Over 400 Titles and $300M Raised
Launched in 2018, Immutable is an Australia-based Web3 company focused on building blockchain games and NFT infrastructure.
Its technology is powered by Immutable zkEVM, an Ethereum-compatible ZK-rollup developed using Polygon’s Chain Development Kit (CDK).
The platform provides zero or near-zero gas fees for NFT minting and trading, along with a highly scalable infrastructure tailored to the needs of game developers.
Over the years, Immutable has established itself as a dominant force in the Web3 gaming sector, capturing over 70% of the market share and supporting a portfolio of more than 440 games.
The company has secured over $300 million in funding from leading investors such as Bitkraft, King River Capital, and Galaxy Digital.
User engagement across Immutable’s gaming ecosystem is also gaining momentum.
According to DappRadar, titles like Gods Unchained, Immortal Rising 2, and Raven Quest have seen user activity surge by 15% to 130% in the past 24 hours.
In Q3 2024, Immutable zkEVM experienced strong growth, with daily active transactions rising 80.5% quarter-over-quarter (QoQ) to 595,000 and daily active addresses increasing 80% QoQ to 267,000.
Co-founder Robbie Ferguson highlighted that monthly active users surged 619% year-over-year, and that Immutable had signed 344 well-funded games during the period. Additionally, the platform’s Passport wallet solution surpassed 5 million sign-ups, marking a major milestone in user adoption.
Despite the strength of Immutable’s ecosystem, the $IMX token remains down over 93% from its all-time high in November 2021. On-chain data also reveals softness in NFT activity.
According to Messari, daily NFT sales on Immutable dropped 9.6% quarter-over-quarter (QoQ) in Q3 2024, falling from $560,000 to $506,000. Meanwhile, the number of daily buyers and sellers plummeted 74% and 68% QoQ, respectively—highlighting a broader downturn in the NFT sector, which is also reflected in the declining activity on major platforms like OpenSea.
NFT sales plunge below $1M on Immutable (Source: Messari)
Despite the drop in NFT activity, Immutable remains focused on innovation and user experience. In November 2024, the company launched Pre-Approved Transactions, a new in-game signing feature designed to deliver a smoother, more intuitive Web2-like experience for players in blockchain games.
This feature removes the need for users to interact with external wallets—a long-standing barrier to mainstream adoption in Web3 gaming.
The rollout came in the wake of increased regulatory scrutiny. In October 2024, Immutable received a Wells notice from the U.S. SEC over alleged securities violations, prompting the company to double down on compliance and user-friendly infrastructure.
$IMX Breaks Out of Falling Wedge, Eyes on $1.061 and $2.033
On the technical side, $IMX has rebounded from a local support zone near $0.415, forming a bullish engulfing candle on the weekly chart and closing around $0.641, up 11.7% for the week.
The chart also shows a completed ABCDE corrective wave pattern, with the recent dip at point (E) potentially signaling the end of the correction and the beginning of a new bullish phase. Key upside targets now lie at $1.061 and $2.033.
Importantly, $IMX has broken out of a falling wedge—a pattern commonly interpreted as a bullish reversal signal in technical analysis.
Looking ahead, the next major hurdle for $IMX is at $1.061, which now serves as immediate resistance. This level previously acted as a strong support zone and may require multiple retests before a successful breakout can occur.
If bulls manage to push $IMX above the $1.061 resistance, the next major upside target lies at $2.033—a level last reached during the Q4 2024 peak.
However, failure to break through $1.061 could lead to sideways consolidation or even a potential retest of the support zone around $0.415, keeping the token in a broader range-bound pattern.
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