Immutable Surpasses Ethereum in NFT Trading Volume: Will IMX’s Double Bottom Pattern Trigger a Rally?

Move over, Ethereum—there's a new NFT heavyweight in town. Immutable (IMX) just flipped the king of smart contracts in trading volume, and the charts are whispering about a potential comeback story.

The Double Bottom Play

Technical traders are eyeing IMX's price action like hawks. That double bottom formation isn't just pretty—it's the kind of pattern that makes degens reach for their leverage buttons. But will it hold, or is this just another fakeout in the casino we call crypto?

While Ethereum's been busy playing layer-2 whack-a-mole, Immutable's been quietly eating its NFT lunch. No fancy roadmaps, no 'ultrasound money' memes—just actual trading volume where it counts. (Take notes, VC chains.)

The real question isn't whether IMX deserves this moment—it's whether traders will keep believing after the 17th 'altseason' false start this year. Place your bets.

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.