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. 

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

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.