Immutable X (IMX) token rallied as high as 56% today, driven by buzz around a potential mega partnership and Bitcoin's strong upward momentum.

Immutable X (IMX), a Layer-2 network focused on gaming and NFTs, surged to an intraday high of $0.687 on April 23, nearly 100% higher than its lowest level this month.

Immutable X (IMX) token dropped on Saturday as a potential mega partnership and Bitcoin’s strong upward momentum continued to boost the crypto sector.

According to data from crypto.news, Immutable X (IMX), a Layer-2 network focused on gaming and NFTs, surged to an intraday high of $0.687 on April 23, nearly 100% higher than its lowest level this month. Its market cap has climbed to around $1.16 billion, and trading volume has exploded by more than 760% to $432 million, signaling a wave of new buying activity.

The price rally was supported by a sharp rise in trading activity in IMX’s derivatives market. According to CoinGlass, open interest surged 96% overnight to $54.4 million, indicating a wave of new positions.

While open interest includes both longs and shorts, the rising price suggests that the majority of traders are likely betting on further upside.

The hype started building after Immutable co-founder Robbie Ferguson teased a “multibillion-dollar” partnership that’s apparently been in the works for two years.

“We’re announcing a partnership that’s been two years in the making, and it’s truly groundbreaking for the future of Web3,” Ferguson said in a statement.

He added that the partnership will be “transformative” for both companies and the broader crypto ecosystem.

“We’re incredibly excited to finally unveil this partnership and begin this new chapter with our partners,” he said.

Although details about the partnership are still under wraps, the mere hint of a major partnership with a multibillion-dollar company was enough to get investors piling into IMX.

Furthermore, IMX’s recent rally is part of a broader surge in gaming-related tokens, with coins like Gala (GALA), Sandbox (SAND), Axie Infinity (AXS), and SuperVerse (SUPER) gaining between 5% and 20%. This surge comes against the backdrop of Bitcoin’s (BTC) 6% rally over the past 24 hours to nearly $94,000 today, which has helped lift the total crypto market cap back above $3 trillion.

A supportive macro backdrop is adding to the optimism. U.S. Treasury Secretary Scott Bessent recently hinted that tariff tensions with China may ease soon.

Meanwhile, Paul Atkins’s confirmation as the new SEC chair has lifted sentiment across the crypto sector, with many anticipating a shift towards more accommodating regulatory policies.

Finally, Immutable’s NFT ecosystem is showing signs of recovery. According to CryptoSlam data, NFT sales on the network rose 2.4% over the past 30 days to $24.6 million, while the number of active buyers and sellers surged by over 50%.

IMX price analysis

On the daily chart, IMX is now trading above its 50-day moving average, a sign that buyers are starting to take control.

The MACD lines are also pointing upward, showing momentum is building, even though they’re still below the zero line. That usually means a bullish reversal might be on the way.

Adding to that, the Supertrend indicator has flipped green, which is another bullish signal suggesting that the trend could be shifting in favor of the bulls.

With this setup, IMX could soon test the key psychological level at $1.

If it breaks above and holds that as support, there’s a good chance it could rally toward $1.6, which is the next major resistance zone.

Analysts echo a similar outlook, pointing out that IMX has recently broken out of a descending broadening wedge, a pattern that often hints at a strong upside move. If this breakout holds, they believe IMX could potentially double in value from the point it broke out.