Magic Crypto Price Analysis: Surges After Launching cNFTs on Solana

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Magic Crypto price has been on a strong uptrend in the past week , as the metaverse token launched its support for compressed NFTs (cNFTs) on Solana, offering a more scalable and cost-effective solution for digital collectibles. The token, which is part of the Treasure ecosystem, has rose to 0.52 from 0.42 within 1 week.

The price has since cooled down and is currently trading at $0.46.

Magic Price Weekly Chart

The weekly chart shows that Magic price has broken out of a consolidation phase that lasted for two months, as it traded in a range between $0.25 and $0.35. The breakout was accompanied by a significant increase in volume, indicating strong buying pressure.

The relative strength index (RSI) has also risen above 70, signaling that the token is overbought and could be due for a correction. However, the RSI can remain overbought for extended periods during strong uptrends, so it is not a reliable indicator of a reversal.

The next resistance level for Magic price is at $0.6, which is the 161.8% Fibonacci extension level of the rally from July to August. The next support level is at $0.4, which is the 100% Fibonacci extension level and the psychological round number.

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Magic Crypto Price Daily Chart

The daily chart shows that Magic price has been forming higher highs and higher lows since September 9, forming a channel. Magic crypto is currently trading at $0.46 with a 24h trading volume of $22mn and a market cap of $107mn.

Magic Crypto Price Daily Chart

On Daily timeframe level the price action of $MAGIC is consolidating at its Horizontal Demand Zone level on macro timeframe level.

We can expect the bullish momentum from there however it will take time to pump as its on weekly timeframe level.

A daily close below the lower boundary of the channel could confirm a bearish breakdown and trigger a deeper correction. The first target for the bears would be the 50-day SMA, which is currently at $0.35. The second target would be the 200-day SMA, which is currently at $0.28.

Magic News Roundup

Some of the latest news stories that could impact Magic price are:

  • Magic Eden introduces cost-efficient compressed NFTs on Solana: Magic Eden, a prominent nonfungible token (NFT) marketplace, has announced its support for Solana’s compressed NFTs (cNFTs), offering a more scalable and cost-effective alternative for digital collectibles. cNFTs are NFTs that use compression algorithms to reduce their size and gas fees. Magic Eden claims that cNFTs can save up to 99% of storage space and transaction costs compared to regular NFTs.
  • Magic Eden Adds Support For cNFTs – Here’s All What You Need To Know: Magic Eden, the largest digital market platform for Solana-backed non-fungible tokens, has announced the support of compressed NFTs, “cNFTs”. The platform claims that cNFTs are compatible with all existing NFT standards and platforms, and can be easily minted, traded, and displayed on Magic Eden. The platform also offers incentives for cNFT creators and collectors, such as rewards and discounts..

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Harsh Panghal
Harsh Panghal

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