Whales Are Watching: Will $IMX Turn This Pump Into a Full-Blown Rally?

• IMX has formed a falling wedge pattern on the daily chart with a target of $1. 
• A whale went long on IMX, showing increasing bullish sentiment among traders.
• IMX price shot up more than 41% in the past day, reclaiming the 20-day EMA.

Immutable (IMX), the scaling solution for NFTs on Ethereum, has caught the attention of whales and market participants following a massive 41.79% increase in price in the past 24 hours. This move pushed the $IMX token firmly past a $450 million market cap as it eyes further gains.  

Fueling the rally, on-chain data indicates substantial accumulation of IMX by large “whale” traders, coupled with a notable surge in large transaction volumes, sparking speculation about a sustained bullish rally.

Whale Trades and Volume Spike Preceded Surge

According to Whale Alert data, a top trader on the Hyperliquid platform, known for their profitability, recently initiated a long position of $19.54K in IMX at a price of $0.58. This trader’s current total long position stands at $19.51K with an average entry price of $0.58. 

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