Strong effects will never work when costing Other quanta. The most common way to try balancing it is to increase the cost of the card, but that fixes nothing, since rainbows are hardly hindered by the ultra-high cost (remember, triple quanta generation) while it becomes unplayable for non-rainbows.
Would work a lot better if it costed a lot less (like 3) and increased spell damage by only 1 and maybe dealt a little damage (1). More fitting for an other card.