Immutable’s IMX Token Hits Two-Year Low After 30 Million Tokens Flood Market
Immutable (IMX), the native token powering the Immutable blockchain gaming ecosystem, has seen its value tumble to levels not witnessed in over two years. As of now, IMX is trading around $0.433—perilously close to its all-time low, with mounting concerns that further declines could be on the horizon.
Selling Pressure Mounts as 30 Million Tokens Hit Exchanges
The sharp decline follows a significant uptick in IMX supply on cryptocurrency exchanges. Over the past two weeks, approximately 30 million IMX tokens—worth an estimated $13 million—have been moved to trading platforms, increasing the circulating exchange supply to 165 million tokens. This sudden influx suggests growing bearish sentiment among holders, many of whom appear to be exiting their positions amid falling confidence in the token's short-term outlook.
Such sell-offs typically indicate capitulation, where long-term investors begin offloading assets due to uncertainty or loss of conviction. The additional supply has added notable pressure to an already fragile price structure, accelerating the recent downturn.
Network Activity Points to Investor Fatigue
Beyond the token's price action, on-chain metrics provide further evidence of waning interest. Active addresses on the Immutable network—used to gauge user engagement and new capital inflows—have dropped significantly. This decline signals reduced participation and highlights a broader cooling-off among investors and users.
When fewer wallets interact with the ecosystem, it often reflects a decline in both user interest and project momentum. This trend, combined with heavy exchange inflows, paints a challenging picture for IMX's near-term performance.
Key Levels to Watch: Can IMX Avoid a New All-Time Low?
With IMX down nearly 40% in just two weeks, technical indicators suggest the token is hanging on by a thread. The $0.400 mark is acting as a crucial support level. If it holds, there’s a slim chance for consolidation and recovery—but if broken, analysts warn the price could plunge further to around $0.375, potentially setting a new all-time low.
To reverse course, IMX would need to reclaim the $0.508 support level. Doing so could open the door for a move toward $0.684, a significant resistance zone that, if breached, might re-energize bullish momentum and restore investor confidence.