Immutable (IMX) increased by 13% – Is it possible to reclaim a market cap of $1.5 billion?

Immutable (IMX), blockchain layer 2 for NFT, leading the market with a growth of 13%.

The number of IMX holders is increasingly important, after reaching a new record of 97,100 holders, while the derivatives capital flow also has a similar impact.

The article will analyze whether these market factors can help IMX regain the capitalization threshold of 1.5 billion dollars.

On-chain activities do not support price increase

On-chain activities hardly reflect the recent price increase over the past 24 hours.

Analysis of transaction data and user participation shows that on-chain activity has remained relatively unchanged for several months, fluctuating within a certain range.

Source: ArtemisRegarding the daily transaction volume, the figure remains low at 128 at the time of writing and this level is quite stable. The number of daily active trading users also remains unchanged, with only about 100 addresses interacting with the network.

This indicates that blockchain has the ability to retain users well, but at the same time reflects a lack of growth, hardly bringing any new net value to the market.

Off-chain funding

The off-chain segments of the market are operating the most actively, despite the weakness of on-chain. According to data from CoinGlass, the net cash flow on the spot exchange is negative, indicating that the total inflow and outflow is primarily dominated by buyers.

As of now, this group of investors has accumulated $781,000 worth of IMX, a significant reversal compared to the sell-off of the previous day in the market.

Source: CoinGlassIn the derivatives segment of the market, there has also been a flow of capital coming in, with open contracts (OI) rising sharply by an additional 16 million dollars. With a funding rate (funding fee) currently positive at 0.0035%, the majority of contracts in the market are from the Long side, betting on the likelihood of a strong price increase.

For IMX to surpass a market capitalization of 1.5 billion dollars, it needs a larger influx of capital than currently.

The target of 1.5 billion dollars is facing resistance

There are significant barriers that can impact the price of IMX, hindering upward trends and blocking the potential for market capitalization breakthroughs.

Analyzing the price chart using Fibonacci retracement tools shows a key resistance level that IMX needs to break through is $0.713, thereby confirming the potential to reclaim a market capitalization of $1.5 billion.

Source: TradingViewHowever, it is noteworthy that this asset needs to trade at $0.75 on the chart before it can reach this milestone. Currently, the trend is still unclear, as the resistance level around this target has recently triggered sell-offs.

If the upward momentum in the market continues to be solidified and operates in strongly rising segments, this asset may establish a significantly new peak.

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