After months of dormancy in the digital collectibles sector, the NFT market appears to be making a comeback, led by a sharp rally in Magic Eden’s native token ($ME).
The Magic Eden token surged over 36% in the past 24 hours, climbing from an intraday low of $0.4422 to a high of $0.6019 before stabilizing around $0.5857 at press time.
According to data from CoinGecko, Magic Eden now stands as the second-largest NFT marketplace with a market capitalization of over $97 million, trailing only Blur, which holds around $135 million.
Competitor projects like MoonBase and Sudoswap have also posted impressive seven-day gains of 41.4% and 25.1%, respectively, showing renewed investor appetite for NFT marketplace tokens.
The total NFT market capitalization has now swelled by $500 million in the last seven days, pushing the figure above $5 billion for the first time since August.
The rise follows weeks of consolidation and a prior liquidation flush earlier in October, which saw ME down sharply before rebounding more than 110% since October 10.
Adding to the optimism, Magic Eden’s official X account recently emphasized its proactive approach to the NFT market revival, stating: “We’re not waiting for ‘NFT szn.’ We’re building it.”
The platform launched over 35,000 NFT packs, which ripped over $5M in total volume.
Analysts believe this recovery could cause a shift in sentiment as NFT traders re-enter the market ahead of potential ecosystem updates and marketplace expansions.
Magic Eden’s ME token is now testing key resistance near the $0.60 zone.
Traders are watching closely to see if the rally can extend toward the $1 mark.
Technical analysis shows the ME/USDT daily chart forming a potential bullish reversal after a prolonged downtrend confined within a descending channel.
The current move above $0.52 reflects a 16% daily gain, hinting that momentum may be shifting in favor of buyers.
If ME can break and close above the upper trendline of the descending channel, it would confirm a breakout and mark the start of a new bullish phase.
The projected target, based on the channel breakout and measured move, is around $0.95, representing an approximate 178% upside from current levels.
However, if the price fails to sustain above $0.50, a retest of lower channel support could occur before any significant rally.
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