Immutable (IMX) price, a layer-two scaling solution for Ethereum, has shown a bullish trend over the past month, gaining 31%. Despite this increase, the price of IMX is now showing signs of volatility due to a recent market correction. This fluctuation seems to be in anticipation of an upcoming event that could unlock further changes in its valuation.
Immutable Price Swings Ahead Token Unlock Events
The Immutable price exhibits notable fluctuations, as evidenced by recent token-unlocking events. On September 6, 2024, 32.47 million IMX tokens were unlocked, representing 2.02% of the circulating supply and valued at approximately $37.67 million.
IMX price chart
In contrast, a subsequent unlocking event scheduled for October 4, 2024, forecasts these tokens to be worth around $55.53 million. This stark increase in valuation underscores the volatile nature of the cryptocurrency market and highlights the impact of external market conditions on token pricing.
IMX Token unlocks
The Total Unlock Progress for Immutable shows that 81% of the tokens, amounting to 1.62 billion IMX, have been unlocked. Meanwhile, the remaining 19%, totaling 383.67 million IMX, are still locked. This progress indicator highlights the gradual release of tokens into the circulating supply, reflecting a strategic approach to maintaining market stability and investor confidence.
Upcoming Cryptocurrency Unlocks Total Over $465 Million
In a recent overview of cryptocurrency tokens scheduled to unlock between September 30 and October 6, 2024, the total value expected to be released exceeds $465.9 million. The unlock event highlights include the token $ENA, which leads with $172.08 million, representing 22.53% of the total unlocks.
Another notable unlock involves $ZETA, contributing $36.84 million or 13.43% of the total. Lesser amounts include $DX with $10.70 million and $AV with $8.36 million, making up 1.57% and 9.56% of the totals, respectively.
Weekly Cliff Unlocks : 30 Sep – 6 Oct ’24
$ 465.9m+
Unlock Highlights $ENA (22.53%) – $172.08m$SUI (2.40%) – $112.34m$OP (2.50%) – $57.67m$IMX (2.02%) – $55.53m$ZETA (13.43%) – $36.84m$DYDX (1.57%) – $10.70m$MAV (9.56%) – $8.36m . . ( % of cir. supply) pic.twitter.com/XM9xKK8jJy
— Token Unlocks (@Token_Unlocks) September 30, 2024
The layer 2 blockchain has seen notable fluctuations in its token price recently. The bulls and bears fiercely contest the market, indicating a volatile trading environment. At the time of reporting, the IMX price is hovering at $1.74.
Throughout the day, it experienced a low of $1.67 and a peak of $1.78, showing the price trajectory with a sharp increase followed by a gradual decline and recovery.
With the current token unlocks, market volatility is expected to continue. The IMX price could test the $1.7 support level. If selling pressure intensifies, a further drop to $1.65 is possible. Investors should monitor market reactions closely during this period for potential shifts.
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