The Immutable [IMX] IMX exchange wallets lost more than 4,67 million IMX in a day, the largest outflows since 2026. As traders began to shift tokens towards long-term storage strategies, rather than immediate selling activity, the sharp drop in supply on exchanges reflected a growing accumulation of tokens.
Santiment’s data Also, the spike in outflows was attributed to a renewed optimism about Web3 gaming as well as Immutable X’s broader ecosystem growth throughout 2026. As a result of zkEVM’s development, the network is continuing to improve its gaming infrastructure. AI-focused game tools and partnership with several gaming studios.
In response, traders may have begun positioning themselves to prepare for a more broader recovery across crypto-assets related to gaming rather than another aggressive distribution phase.
Bullish traders still dominate IMX positioning
The top traders at Binance continued to favor bullish positions despite IMX During May, you will find yourself struggling to stay below the higher resistance zones.
As of press time, 60% of the top traders’ accounts were long and only 39% short. The Long/Short ratio was around 1.51. Even after IMX’s neckline was not reclaimed, the positioning structure reflected the persistent confidence of leveraged traders.
In May, the bullish bias had reached even greater heights before cooling down during recent consolidation. The traders, however, have maintained a net-long position instead of rotating aggressively to a more bearish position.
Derivatives have exhibited a cautious optimism, rather than panic-selling. The elevated long-exposure could support another attempt to reach the upper resistance structure if the buying pressure increases near the current support zones.
Can IMX regain the neckline breakthrough?
IMX Continued consolidating above critical $0.163 while the inverse Head and Shoulders structure remained active daily. The previous price movement formed the left shoulder around March. April’s drop established the head structures at the $0.133 lowest.
The price then pushed towards the neckline near $0.202. But buyers were unable to hold strength over that area, which caused another rejection in the direction of mid-range consolidation.
RSI cooled off sharply at the moment of writing and was nearing 45.44, after earlier this month approaching overheated temperatures. This decline was due to a weakening of buying power, not aggressive control by bears.
Buyers could try to push the neckline support if IMX successfully defends the $0.163 resistance. If the breakout price is above $0.220, it will likely increase expectations of a recovery towards higher resistance levels.
Funding structure still favors long traders
IMX’s OI Weighted Funding rate remained positive despite a few short-term fluctuations in May. As of this writing, the latest reading was near 0.0019%. This shows that long traders continue to pay premiums in order to keep bullish positions on derivatives markets.
Though the funding slipped periodically into negative territory at first of the month, it quickly recovered as traders continued to defend their recovery expectations.
In most cases, positive funding rates reflect a more active long-term participation rather than aggressive dominance in the short term. Additionally, the derivatives sentiment is relatively stable despite IMX’s trading below its neckline resistance.
IMX continues to attract bullish positions despite its struggles below the crucial $0.202 neckline.
The market has been characterized by a growing sense of confidence, as evidenced by massive exchange outflows and positive funding rates. The inverse head-and-shoulders structure is still intact over the $0.163 zone of support.
If the buyers are able to successfully reclaim the neckline, IMX will be able to strengthen its recovery structure. This could attract new speculative interest in gaming-related cryptocurrency assets.
Final summary
- IMX’s outflows suggest that traders are now more inclined to accumulate than sell immediately on the exchange.
- Bullish positions in the derivatives market remained predominant as IMX defended a critical $0.163 zone of support.
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Source: ambcrypto.com
