$MAGIC
Treasure (MAGIC) surged 31.3% in 24 hours due to a technical breakout, exchange-driven liquidity, and reduced circulating supply concerns.
Breakout above $0.24 resistance ignited momentum traders
Upbit’s updated supply schedule eased dilution fears
Market-leading turnover (5.88x) signaled speculative interest
Deep Dive
1. Primary Catalyst: Technical Breakout
MAGIC broke above the critical $0.24 resistance level on August 2, 2025, after consolidating for two weeks. This triggered algorithmic and retail buying:
RSI (7-day) at 59.9 showed room for upward momentum
Fibonacci retracement placed next targets at $0.249 (127.2% extension) and $0.285 (161.8%)
Social media flagged whale accumulation patterns.
2. Supporting Factors: Supply Dynamics
Upbit’s July 30 circulating supply update addressed concerns about token unlocks:
Adjusted max supply schedule through 2027 reduced near-term inflation risks
Whales hold 94.3% of circulating supply, limiting sell-side pressure
On-chain data showed $527M 24h volume – 9x its market cap – indicating liquidity influx
Conclusion
MAGIC’s rally combines technical momentum with improved tokenomics visibility, though its 50% monthly gain raises overextension risks. Watch the $0.24 level for sustained bullish confirmation: a close below could trigger profit-taking.
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