Immutable flips Ethereum in NFT volume: Can IMX’s double bottom hold?

Immutable’s $IMX token is flashing a bullish double-bottom pattern just as the network overtakes Ethereum in weekly $NFT sales—a major milestone in the race for Web3 dominance.

With Immutable’s ($IMX) volume topping $34.9 million, driven by hits like Guild of Guardians, the token has rebounded slightly off recent lows. However, declining active wallet engagement and a sharp increase in $IMX token supply on exchanges cast shadows over the rally. For now, bulls are eyeing a possible 98% surge toward the pattern’s neckline at $0.8100—if support holds.

Immutable price action

Immutable was trading at $0.419 on Friday, June 27 — above the double-bottom point at $0.3458. It remains 50% below the highest point in May and 90% below last year’s high.

Source: CoinGecko

At last check on Saturday, Immutable was trading around $0.415.

CryptoSlam data shows that Immutable has become the biggest player in the $NFT space, flipping popular chains like Ethereum (ETH), Solana (SOL), Avalanche (AVAX), and Mythos.

Immutable’s $NFT sales rose by 23% in the last seven days to over $34.9 million, while buyers jumped by nearly 20% to 11,080. In contrast, Ethereum’s volume jumped by 33% to $25.8 million.

Immutable’s Guild of Guardians Heroes saw sales jump by 21% to over $20 million. Sales of Guild of Guardians Avatars NFTs rose by 18% to $8.1 million, while Gos Unchained Cards soared by 41% to $6.5 million.

Still, not all parts of Immutable’s ecosystem are doing well. The number of unique active wallets interacting with Immutable’s games dropped by 17% in the last 30 days to 1 million. This drop now makes it the fifth-biggest player in the gaming industry, after Sei, BSC, Skale, and WAX.

Additionally, the supply of $IMX tokens on exchanges has jumped in the past few months. Santiment data indicates that the number of $IMX tokens in circulation has increased to 174 million, up from 136 million in March.

$IMX price technical analysis

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Immutable X price chart | Source: crypto.news

The daily chart shows that the $IMX price has been in a downtrend in the past few months. It dropped to the important support at $0.3458, its lowest point since April.

Immutable has formed a double-bottom pattern, a popular bullish reversal sign. This pattern comprises two swings and a neckline, which is at $0.8100.

Therefore, the token will likely bounce back, and possibly retest the neckline at $0.8100, up by 98% above the current level. A drop below the double-bottom point at $0.3458 will invalidate the bullish view.