Immutable X (IMX), a leading Ethereum Layer-2 scaling solution for NFTs and Web3 games, has entered a potentially pivotal phase in its price action. After rallying 37% in the past week, IMX is now trading around $0.72 and inching closer to a critical resistance zone between $0.81 and $0.84. This zone is not just a technical hurdle—it represents a psychological ceiling as more than $84 million worth of unprofitable tokens lie within this range.

117 Million IMX Tokens Await Break-Even

On-chain data reveals that roughly 117 million IMX tokens, valued at over $84 million, are currently held by addresses that bought in at prices between $0.81 and $0.84. This band has acted as a formidable resistance level since mid-February 2025. For nearly three months, IMX has repeatedly failed to push past this threshold, leading to mounting selling pressure each time the price approaches the zone.

This cluster of unrealized losses can trigger sell-offs as holders attempt to break even, making it increasingly difficult for the altcoin to sustain upward momentum. Without renewed support from either long-term holders or fresh investors, IMX risks falling back into a consolidation pattern below $0.81.

Capital Inflows Signal Renewed Interest

Despite this looming resistance, recent signals suggest that IMX may be building the momentum needed to challenge its upper range. Most notably, the Chaikin Money Flow (CMF)—a key indicator of capital inflows and outflows—has turned positive for the first time in 2025.

This CMF crossover above the zero line is a bullish development, signaling that investors are once again directing significant capital toward IMX. The last time the CMF was in positive territory coincided with previous price rallies, and this current shift suggests renewed confidence among market participants.

If this inflow continues, it may provide the underlying strength needed to break the $0.81–$0.84 resistance band and trigger broader profitability for token holders.

IMX Price: Caught Between Breakout and Breakdown

At the time of writing, IMX is holding above $0.72—a key support level that has been tested multiple times. The price has gained 37% in just seven days, giving bulls some momentum to challenge the ceiling.

However, failure to break above $0.81 could signal exhaustion and encourage profit-taking, especially if market sentiment turns cautious. A breakdown from the $0.72 support could push IMX down to $0.60, invalidating the bullish outlook and suggesting that the recent rally was a short-lived rebound rather than a sustainable trend.

This makes the $0.81 mark not only a technical barrier but a psychological pivot point. A clean break above it could bring 117 million tokens into profitability, potentially igniting a fresh wave of bullish sentiment and attracting sidelined investors back into the market.

Path Forward: Breakout or Rejection?

For IMX to sustain its recent momentum, three factors must align:

1. Sustained Capital Inflows: The positive CMF must continue reflecting investor confidence and liquidity support.

2. Strong Market Sentiment: The broader crypto market should remain stable or bullish to foster breakout conditions.

3. Overcoming Profit-Taking Pressure: Holders at the $0.81–$0.84 range must resist selling en masse to allow upward price discovery.

If these elements hold, IMX could aim for $0.88 and beyond—turning previously underwater positions into realized gains and reinforcing a longer-term uptrend.

On the flip side, if IMX fails to reclaim $0.81 and drops below $0.72, bearish momentum could increase, driving the price down to the $0.60 region. Such a move would mark a failed breakout attempt and potentially delay any bullish resurgence.

Conclusion

Immutable X stands at a crossroads. A breakout past $0.81 could unlock over $84 million in unrealized profits and signal a new chapter in its price narrative. However, resistance remains strong, and without continued inflows or investor support, the rally could stall. Traders and investors should watch closely—IMX’s next move may shape its medium-term outlook.