Immutable's IMX token is currently outperforming other alternative cryptocurrencies, with a rise of almost 15% in the last 24 hours, now trading at $0.64.

Analyzing on-chain data points to a surge in optimistic sentiment, indicating the potential for a sustained rally in the short term. The increase in IMX's long/short ratio, which has surpassed 1 and currently stands at 1.004 according to Coinglass, suggests that many traders are opening long positions in anticipation of further price gains.

Furthermore, the positive IMX price daily active address (DAA) divergence of 63.22% reinforces the bullish scenario. This metric, aligning an asset's price changes with its daily active addresses, indicates a growing interest in IMX beyond speculative trading.

Looking at the daily chart, IMX's Moving Average Convergence Divergence (MACD) supports a positive outlook, with the MACD line above its signal line and zero line. The MACD indicator assists traders in identifying trends and momentum in price movement, potentially signaling further price climbs should IMX sustain its upward trend and break resistance at $0.73 to reach $0.79.

On the contrary, if sellers regain control, IMX's value could drop to $0.55. This suggests that market activity and network support, rather than mere speculation, underpin IMX's recent price surge.