MultiversX Price Forecast: EGLD Soars 55% in a Week Ahead of September 10 Supernova Launch

MultiversX ($EGLD) has shown a strong recovery, but its broader market structure remains firmly bearish. $EGLD is trading around $5.38 after a 29.07% surge in 24 hours and a 55.70% increase over seven days.

Trading volume has also exceeded $52.5 million, indicating heightened market activity. However, the sharp rally follows an extended decline from the $14-$16 area.

Recovery Meets Strong Resistance

$EGLD is currently holding the support zone of $5.30 to $5.50 following the latest spike. Sustained movement above $6 could prompt buyers to target $7.11. The $7.11 level marks the 0.236 Fibonacci retracement and represents a significant barrier for recovery.

Furthermore, $9.04 could become the next major target if momentum continues to improve. This level aligns with the 0.382 Fibonacci retracement. Above that, $EGLD will face stronger resistance at $10.60. This zone is also located near the 20-day EMA around $10.32.

Moreover, resistance is fortified in the $12.16 to $12.57 range, while $14.37 remains a distant obstacle. Therefore, $EGLD requires several successful breakouts before confirming a broader trend reversal.

Derivatives Show Early Interest

Open Interest remains significantly below historical highs despite the recent price surge. OI previously reached nearly $65 million during periods of high volatility. It later declined to the $9–$15 million range in the second quarter.

Recently, Open Interest has recovered to $17 million as $EGLD regained momentum. This uptick signals the beginning of traders returning to derivatives markets. However, participation remains modest compared to previous cycles.

Thus, a sustained rise in OI alongside price gains would provide more convincing evidence of a lasting recovery. A drop in OI during another rally could conversely weaken conviction.

Capital Flows Becoming More Constructive

Spot flows have also given mixed signals throughout the downturn. Outflows often exceeded inflows, highlighting persistent selling pressure. Nevertheless, significant inflow spikes were observed in December, January, February, May, and July.

Recent flows have become increasingly volatile, but the latest data shows approximately $138,000 entering $EGLD. Importantly, continued positive flows could indicate improving accumulation.

Supernova Adds a Fundamental Catalyst

The activation of the Supernova mainnet on September 10 could provide another catalyst for $EGLD, beyond market speculation. The upgrade targets 600-millisecond block times compared to the current roughly six seconds.

Besides faster block production, the upgrade could enhance network settlement speed and scalability. Consequently, higher network performance could support renewed attention on $EGLD.

MultiversX Price Technical Review

Key levels for MultiversX remain clearly defined as $EGLD attempts to extend its sharp recovery:

Upside Levels: $6.00, $6.20, and $7.11 as immediate hurdles. A breakout above $7.11 could open the path to $9.04 and $10.60.

Downside Levels: $5.30–$5.50 as immediate support, followed by $4.00 as the major structural floor.

Resistance Ceiling: $10.32-$10.60 represents a key zone that $EGLD must reclaim to bolster mid-term bullish momentum. The technical picture shows that $EGLD is attempting to recover from a prolonged decline from the $14-$16 area. A decisive breakout could trigger heightened volatility and accelerate the recovery.

Will MultiversX Rise?

MultiversX's price momentum will largely depend on whether buyers can defend the $5.30–$5.50 region and challenge $6.20. Stronger momentum could push $EGLD towards $7.11 before opening the path to $9.04 and $10.60.

However, a rejection around $6 could trigger another test of nearby support. A breakdown below $5.30 would weaken the recovery, and a loss of $4.00 could reinstate the broader bearish structure.

Meanwhile, rising Open Interest and improving spot inflows could strengthen the bullish scenario if both trends persist. The September 10 Supernova upgrade also adds a potential catalyst: faster block times and enhanced settlement efficiency could potentially attract fresh market attention. For now, $EGLD remains at a pivotal juncture, and technical confirmation along with sustained capital flows are likely to determine the next major move.