Immutable, a leading platform in the non-fungible token (NFT) sector, has recently achieved a notable milestone by surpassing Ethereum in weekly NFT sales volume. This development underscores Immutable’s growing influence in the Web3 technology landscape. The network’s NFT sales volume reached $34.9 million, driven by the success of projects like Guild of Guardians, which saw a 21% increase in sales to over $20 million. Additionally, Guild of Guardians Avatars NFTs and Gods Unchained Cards experienced significant growth, with sales rising by 18% to $8.1 million and 41% to $6.5 million, respectively.
Despite these positive indicators, there are concerns within Immutable’s ecosystem. The number of unique active wallets interacting with Immutable’s games has declined by 17% over the past 30 days, dropping to 1 million. This decrease has positioned Immutable as the fifth-largest player in the gaming industry, trailing behind other platforms. Furthermore, the supply of IMX tokens on exchanges has surged in recent months, with the circulating supply increasing to 174 million from 136 million in March. This influx of tokens on exchanges could potentially exert downward pressure on the token’s price.
Technical analysis of the IMX token reveals a downtrend over the past few months, with the price dropping to a critical support level at $0.3458. However, the formation of a double-bottom pattern indicates a potential bullish reversal. If the support holds, the token could see a 98% surge toward the pattern’s neckline at $0.8100. Conversely, a drop below the double-bottom point would invalidate this bullish outlook. As of the latest check, the IMX token was trading around $0.415, reflecting a slight rebound from recent lows but still significantly below its peak values from May and the previous year.
Immutable’s achievement in surpassing Ethereum in NFT sales volume highlights its growing prominence in the Web3 space. The bullish double-bottom pattern in the IMX token suggests a potential rebound, but concerns over declining active wallet engagement and increasing token supply on exchanges cast shadows over this optimistic outlook. The future performance of the IMX token will depend on whether support levels hold and if the network can address the challenges within its ecosystem.
Source: https://www.ainvest.com/
