Cryptonews Price Analysis

Magic Eden’s $ME Token Soars 20% After Trump Wallet News – Crash Coming or Trend Reversal?

NFT Solana Trump

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Jimmy Aki

Author

Jimmy Aki

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Jimmy has nearly 10 years of experience as a journalist and writer in the blockchain industry. He has worked with well-known publications such as Bitcoin Magazine, CCN, and Blockonomi, covering news...

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Last updated:

June 4, 2025

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Magic Eden ($ME) just rocketed 20% in a surprise Solana NFT market rally, its second this year, defying months of stagnation. But the token still sits 90% below its all-time high of $14.59, leaving most investors deep in the red.

The move follows a brutal drop to $0.71 in April’s black swan event, with even early investors barely breaking even at the current $1.02 level. Can the Solana marketplace sustain momentum, or is this another dead-cat bounce?

Rare Trump NFT Collectible Sells for $16K, Fueling $ME’s Sudden Pump

Today’s rally is likely tied to the ongoing sale of Donald Trump-themed digital collectibles on Magic Eden, which started on June 2. Just yesterday, one rare collectible sold for over $16,000.

The event has brought renewed attention to the marketplace, with the increased visibility seemingly spilling over into the $ME token’s price action.

Another possible catalyst was Tuesday’s announcement by Magic Eden that it had partnered with the team behind the $TRUMP meme coin to launch the “Official $TRUMP Wallet.”

However, Eric Trump quickly denied involvement, calling the project unauthorized and warning Magic Eden against using the Trump name without approval.

This project is not authorized by @Trump. @MagicEden I would be extremely careful using our name in a project that has not been approved and is unknown to anyone in our organization. https://t.co/OovJGvGOkO
— Eric Trump (@EricTrump) June 3, 2025

Despite the disclaimer, the market reacted positively to the announcement, fueling a classic “buy-the-rumor” rally before Eric’s comments dampened enthusiasm.

Magic Eden Goes Multi-Chain—But Is It Too Late for NFTs?

Initially built on Solana, Magic Eden has since grown into a multi-chain NFT platform, now supporting Ethereum, Polygon, Base, Arbitrum, and Bitcoin in addition to Solana.

Yet, even with access to top-tier collections across reputable chains, Magic Eden continues to battle the broader decline in NFT market momentum.

🚨 New data shows monthly sales volume of NFTs has slid from its record high of $17 billion to just $466 million this month.

That's a 97% drop, from the peak in January. 👀 pic.twitter.com/Haq6mgILSh
— Mario Nawfal (@MarioNawfal) September 29, 2022

For context, back in 2022, NFT platforms like OpenSea were recording monthly volumes of around 25,000 $ETH, roughly $66 million at today’s $ETH price.

Now, OpenSea barely averages 50 $ETH (about $132,000) in monthly trades, while Magic Eden, which handled 40 $ETH ($105,800) in December, is currently seeing just 1.1 $ETH ($2,820) in volume.

Recognizing these shifting dynamics, Magic Eden appears to be expanding beyond NFTs. In April, it acquired the crypto trading platform Slingshot.

According to a press release shared with Cryptonews, the move is part of a strategic transition toward becoming a broader crypto trading hub rather than solely an NFT marketplace.

According to Magic Eden, the long-term goal is to evolve into “the most comprehensive trading platform in crypto.”

Is $1 the Line in the Sand for $ME’s Price Action?

Following prolonged selling pressure, the $ME token now seems to be stabilizing around the key psychological level of $1.

The RSI Divergence Indicator recently flashed a “bull” indicator, with current readings between 50 and 60, a potential sign that bearish momentum is waning.

The $1 support level has held strong for weeks, reinforcing its role as a key price floor. Additionally, the current price action is converging with a long-term downtrend line, a technical setup that often precedes trend reversals.

At press time, $ME stands at a key juncture.

If the token can sustain a breakout above $1.50, it could mark the beginning of a meaningful recovery. Initial resistance levels are expected between the $2 and $2.50 range. However, overhead supply could cap any upside as bag holders look to exit at more favorable prices.

The risk remains that a breakdown below the $1 support could trigger another leg down toward the $0.50–$0.70 range.