Magic, or as someone else suggested, Mystic, sound much better imo.
I think I'd actually be okay with a Mystic type, now that you mention it.
Why mystic? That sounds like a property of a type, not a type in itself. It would be like calling fire "hot" type, water "wet" type, or ice "cold" type. What about "mana" since that is the "stuff of which magic is formed" in relation to "fire as being "the stuff of which heat is formed". It kinda works.