- Immutable X’s IMX price has soared by over 200% in 2022.
- The network has grown its market share in the NFT industry.
- Immutable X passport will launch in the near term.
Immutable X’s IMX token has done well this week as investors cheer the ongoing integrations in the network. It jumped to a high of $1.1829, the highest point since February 8 of this year. The coin is approaching the year-to-date high and is up by over 200% from the lowest point this year.
Immutable X platform growth
Immutable X is a leading blockchain network in the non-fungible token (NFT) space. It is a layer-2 network that solves some of the top challenges that Ethereum NFT users face. As a sidechain, it solves the challenge of cost, with the average transaction cost being significantly lower. Also, it is significantly faster than other networks.
According to its website, Immutable X powers some of the best-known NFTs and blockchain games, including Gods Unchained, Guardians, Ember Sword, and Illuvium among others. Perhaps, its best-known relationship is with GameStop, the giant gaming retailer. Immutable X has executed over 10.7 million trades this year.
It is unclear why the IMX price has risen this year. A quick look at its statistics shows that the volume of NFTs traded in the ecosystem are doing well. In December and January, total sales of NFTs in Immutable X was over $14 million.
Read more: Are NFTs Dead? Transaction and Volume Data is Worrying
This month alone, NFT sales in the ecosystem total about $11 million, meaning that they will move above $14 million by the end month. The number of unique sellers and buyers of Immutable X NFTs in February is 8,471 and 10,182, respectively.
Another reason why IMX price is rising is the upcoming launch of Passport, which is a non-custodial wallet and authentication solution. The platform will make it easy for users to sign-in in web3 platforms in a simpler way.
Immutable X has also partnered with several games in the past few months. The most recent addition is Rooniverse, which is a game developer.
IMX price prediction
On the 4H chart, we see that the IMX crypto price has been in a strong bullish trend in the past few months. During its climb, Immutable X has moved above all moving averages and is approaching the year-to-date high of $1.2036. It has moved above the 50-period and 100-period moving averages.
A closer look shows that it is about to form a double-top pattern whose neckline is at $0.8367. In price action analysis, this pattern is usually a bearish sign. Therefore, more upside will only be confirmed if the IMX token price jumps above the year-to-date high. If this happens, the next key reference level to watch will be at $1.25.
