IMX Token Sees 22% Price Surge Amidst Growing Derivatives Market Activity

The value of IMX, the native token of ImmutableX, a Layer 2 scaling solution for NFTs on Ethereum, has increased by 22% in the past week, leading to a surge in its derivatives market. Currently trading at $1.58, the spike in the L2 market has propelled IMX's price to double digits. The token's open interest has reached $23 million, marking a 39% growth since hitting a year-to-date low of $14 million on July 7. Despite the positive momentum, new entrants in the IMX derivatives market have been favoring short positions, reflected in negative funding rates since July 6. IMX's funding rate stands at -0.001% across exchanges. With IMX breaking above its 20-day EMA, traders anticipate a climb to $1.75 if buying pressure persists. However, a downtrend could see IMX drop to $1.13. This analysis serves for informational purposes only, and readers are advised to conduct their own research before making financial decisions.