Midnight surged to a new all-time high as the Cardano-affiliated token rallied more than 40% in 24 hours. The digital asset, known by its ticker NIGHT, reached an intraday peak of $0.096 before settling near $0.093, extending a rally driven by sustained investor interest in the privacy-focused blockchain project founded by Charles Hoskinson.
What Happened: Token Reaches Record Price
Midnight's price climbed 42.7% during the past day, marking its latest all-time high. The Chaikin Money Flow indicator remained in positive territory above the zero line, confirming net capital inflows despite a slight dip over 48 hours.
The token shows weak correlation with Bitcoin, allowing it to advance independently while the broader cryptocurrency market consolidates.
This low correlation has insulated NIGHT from Bitcoin's recent struggles to regain upward momentum.
Hoskinson's connection to the project through Cardano has increased visibility and credibility among investors. That association continues to drive narrative-based demand for the token.
Also Read: XRP Recovery Stalls Near $1.95 As Technical Indicators Weaken
Why It Matters: Independence From Markets
The ability to move independently from Bitcoin positions NIGHT to outperform during periods when the largest cryptocurrency lacks directional clarity. Emerging assets with low correlation to BTC often benefit when the broader market enters consolidation phases.
Breaking above the $0.100 psychological level could attract additional speculative capital and reinforce current momentum.
However, profit-taking poses a risk, with support levels at $0.075 and $0.060 critical for maintaining the bullish structure.
A retreat below $0.075 would weaken technical positioning. Further declines to $0.060 would invalidate the current upward trend and likely increase price volatility.
Charles Hoskinson claimed Sunday a single token built on Cardano is trading more than XRP and Solana (SOL) combined.
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