Immutable (IMX), the Ethereum Layer-2 solution, is making headlines today due to an impressive price surge, making it one of the top-performing altcoins.

Currently trading at $1.24, IMX has seen a 10.06% increase in the past 24 hours. This on-chain analysis explores how the token achieved this surge and what to anticipate in the coming days.

Holders Place Immutable on Lockdown, Ready to Stash More Tokens

According to the Exchange Onchain Market Depth, a metric that measures the trading activity on the order books of the top 20 exchanges, IMX is experiencing a surge in buying pressure.

The data provided by IntoTheBlock shows that market participants are prepared to buy nearly seven million IMX tokens at the current price. On the flip side, the number of tokens in line to be sold is a little over five million.

Typically, when bids exceed asks, it indicates that buying pressure is outpacing selling volume. Conversely, if the ask side significantly outweighs the bid side, it suggests that sellers are in control.

Read more: What Is Immutable X?

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Author: Victor Olanrewaju

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