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In the cryptocurrency market, one of the data points that investors closely follow is token unlock events. According to the Token Unlocks platform, which closely monitors token unlocks, $277.43 million worth of tokens will be unlocked in the next seven days. Tomorrow, the token unlock event for IMX, the native token of the Ethereum Layer-2 network Immutable X, is an event that should be closely watched.
Immutable X Token Unlock Event
According to data provided by Token Unlocks, which shares token unlock events with its users, $277.43 million worth of tokens will be unlocked next week, marking one of the largest token unlock events in recent times. Among these unlocks is the token unlock event for IMX, the native token of the Ethereum Layer-2 network Immutable X.
The event, scheduled for tomorrow (July 12) at 03:00, involves a token amount equivalent to 2.15% of the total IMX token supply, with a market value of $40.59 million. As investors eagerly follow the process with just hours remaining, the IMX token was trading at $1.25 at the time of writing. The IMX token unlock event is one of the most notable token unlock events in the coming days.
IMX Chart Analysis
The daily IMX chart highlights the selling pressure experienced in recent months. During this period, IMX has been searching for support in various regions but has yet to provide the expected signal, causing fear and concern among investors. The recent formation of a double bottom could signal a potential rise.
The first notable support levels on the daily IMX chart are $1.22 and $1.14. The double bottom formation at the $1.14 level is particularly significant, but if the daily bar closes below this level, selling pressure could resurface.
The most important resistance levels to watch on the IMX chart are $1.31 and $1.43. A daily bar close above the $1.43 level could provide momentum for the IMX price.
