Earnshaw's theorem describes why a free-floating (paramagnetic) magnet cannot levitate over another such magnet. There must be at least one stable axis which is not from a magnet. See https://en.wikipedia.org/wiki/Earnshaw%27s_theorem
> The magnet will induce a current in the superconductor
That's a different sort of levitation. See https://en.wikipedia.org/wiki/Electrodynamic_suspension . We know it's not the same because you can see a magnet floating above a superconductor even though there's no motion.
The relevant reason is https://en.wikipedia.org/wiki/Superdiamagnetism .
] Superconducting magnetic levitation is due to superdiamagnetism, which repels a permanent magnet which approaches the superconductor, and flux pinning, which prevents the magnet floating away.
] Superdiamagnetism is a feature of superconductivity.