Immutable X (IMX) has shown strong upward movement in the recent month, bringing the altcoin to a crucial point in its price performance. Currently priced at $0.72, IMX is striving to surpass a resistance level that has been holding firm.

Nevertheless, there are obstacles ahead as a significant amount of the token's supply, totaling around 117 million IMX valued at over $84 million, remains unprofitable. This may contribute to further resistance in price.

Investors holding about 117 million IMX tokens, worth over $84 million collectively, are looking to reach profitability, with their prices ranging between $0.81 and $0.84. This large volume of supply has created a barrier that Immutable X has been struggling to overcome for the past quarter.

Due to this situation, there is a likelihood of increased selling pressure, with many holders potentially selling off their positions as the price nears this range.

This selling pressure may impede IMX's upward trajectory unless there is strong support from long-term holders and new investors. The resistance within this price bracket could also lead to price consolidation.

Looking at the wider market sentiment, IMX is displaying positive indicators. The Chaikin Money Flow (CMF) has recently crossed above the zero line for the first time since the early months of 2025, reflecting healthy inflows into IMX that could bolster its rally.

The increased inflows could assist in pushing IMX past its existing resistance levels, particularly if market sentiment continues to be favorable. The positive movements in the CMF suggest a robust demand backing the rally, which could drive further price escalation.

With sustained capital inflows, IMX might find the needed backing to breach the $0.81 barrier and sustain its upward trend.

Over the past week, IMX has surged by 37%, trading at $0.72. By maintaining above the $0.72 support level, the altcoin is approaching the critical resistance range of $0.81, which has been a challenge to break since mid-February. A successful breach of this barrier could signify the beginning of a new upward movement.

However, the significant resistance zone between $0.81 and $0.84 poses a threat of prolonged price consolidation below $0.81.

Should the resistance prove formidable, IMX could drop below the $0.72 support and decline to $0.60, invalidating the bullish scenario and possibly indicating a shift in market sentiment.

Conversely, if investor confidence remains positive and broader market trends continue to support the rally, IMX may surpass the $0.81 resistance. A breakthrough beyond $0.88 would render the 117 million IMX tokens profitable, strengthening the altcoin's growth potential and likely driving further positive momentum.