Superior Invisibility. As a bonus action, the dragon can magically turn invisible until its concentration ends (as if concentrating on a spell). Any equipment the dragon wears or carries is invisible with it.

Limited Telepathy. Using telepathy, the dragon can magically communicate with any other faerie dragon within 100 feet of it.

Magic Resistance. The dragon has advantage on saving throws against spells and other magical effects.

Innate Spellcasting. The dragon’s innate spellcasting ability is Charisma (spell save DC 13). It can innately cast a number of spells, requiring no material components. As the dragon ages and changes color, it gains additional spells as shown below.

Red, 1/day each: Ferocity, arrogance, chaos, and tectonic power are all words that come to mind when I think about tectonic power. It's rage on the wings.  Shatter, a wall of fire, an earthquake, and a shower of meteors

White, 1/day: Primal, vengeful, dim, cold, solitary, the white would embody a brutal cold rage. Freezing attacks in great waves covering large areas in a single pass, repelling hostiles with little care for who's who. Gust of wind, cone of cold, sleet storm, and tsunami.

Yellow, 1/day: induce insanity, Counterspell

Green, 1/day: Brazen, devious, deceitful, and corrupting. The enchantment school of magic would dominate a green dragon's spellcasting, with a brief foray into the Glibness speIts non-enchanting spells would be druidic in nature, such as plant growth, insect plague, and tree stride, with a living nature focus.

Blue, 1/day: Perception, vanity, meticulous, gem lovers, and lightning are all words that come to mind when thinking of stealth. Pass without trace, divination spells, single target/line spells and spells that require gems as material components, such as chromatic orb,  impose control over others and relish in the effects thanks to a couple of enchantment spells like command and geas.

Indigo, 1/day: Nathair's Mischief is a fey and draconic magic spell that can produce one of four different outcomes at random.

Violet, 1/day: Cruel, concentrate on the weak, run away from stronger opponents, darkness and decay, acid . Cruelty and sadism necessitate spells like Cause Wounds, Harm, and Evard's Black Tentacles, which inflict apparent agony and misery. Acid spells like acid chromatic orb, hunger of Hadar, and Melf's Acid Arrow, fog cloud, dimension door, and expeditious retreat can hide darkness and running.

Bite. Melee Weapon Attack: +7 to hit, reach 5 ft., one creature. Hit: 1 piercing damage.

Euphoria Breath (Recharge 5–6). The dragon exhales a puff of euphoria gas at one creature within 5 feet of it. The target must succeed on a DC 11 Wisdom saving throw, or for 1 minute, the target can’t take reactions and must roll a d6 at the start of each of its turns to determine its behavior during the turn:

1–4. The target takes no action or bonus action and uses all of its movement to move in a random direction.

5–6. The target doesn’t move, and the only thing it can do on its turn is make a DC 11 Wisdom saving throw, ending the effect on itself on a success.