IMX surged 52% after breaking resistance, hitting $1.1 billion market cap. Perpetuals drove gains, but spot selling near $0.632 may signal a pullback before targeting $0.816 resistance.

Immutable [IMX] has been on an upward trajectory, with its market capitalization and price rising 14% to $1.1 billion and $0.62, respectively.

Perpetual investors have played a major role in driving the rally within this period. Still, market sentiment suggests potential headwinds that could limit further upside.

Will IMX rally or reverse? AMBCrypto’s analysis explores both possibilities.

Over the past few weeks, IMX has gained 52%, following a breakout above a descending resistance channel.

This kind of breakout typically precedes a major rally, potentially pushing price toward the channel’s peak at $0.816—or even higher—if bullish momentum holds.

But the path forward is not without obstacles. According to the Fibonacci Retracement tool, IMX is set to face significant resistance ahead.

This tool helps identify support and resistance levels based on historical price action. For IMX, two key resistance zones stand out.

The first lies at $0.632, just above the current price. This level is critical—historical data shows it acted as support before a breakdown triggered a 19% drop between the 29th and 30th of May.

The second resistance level is at $0.713. IMX’s previous attempt to break this level resulted in a drop back to $0.632.

If IMX gains enough momentum to breach both resistance levels, it could push toward the $0.816 peak. Should the bullish strength persist beyond that, further upside remains likely.

Perpetual investors have been the primary contributors to IMX’s recent gains, especially in the last 24 hours.

During this period, both Open Interest and Funding Rates for IMX have surged.

According to CoinGlass, Open Interest (OI)—which tracks the total number of unsettled derivative contracts—jumped 26% to $46 million, at press time.

Meanwhile, the Funding Rate (FR) has stayed positive for four consecutive days and showed a reading of 0.0117, according to Coinalyze.

A positive FR indicates that most perpetual contracts, based on OI, are held by long traders—reinforcing a bullish outlook.

As IMX approaches the $0.632 resistance level, spot market investors have started reducing their exposure, according to CoinGlass data.

After three days of accumulation, spot investors sold $541,000 worth of IMX as the price approached this resistance, suggesting they may be anticipating a significant sell-off at that level.

If this selling subsides and buying resumes tomorrow, it could indicate a temporary correction and signal that buyers remain confident.

Overall, while IMX’s bullish movement and broader crypto market strength could point to further gains, a near-term pullback might serve as a healthy correction phase.