Cardano Faces Pressure as NIGHT Token Plummets 70% Post-Launch

2025-12-10 06:46

The NIGHT token experienced a dramatic 70% drop shortly after its launch, trading at $0.035000 from a high of $0.1190, which has raised concerns about potential negative impacts on Cardano (ADA). The token's market capitalization has fallen to $582 million. This decline comes as ADA forms an inverse cup-and-handle pattern, indicating possible further downside. The Midnight network, a Cardano sidechain utilizing ZK technology, was anticipated to draw developers and assets. However, it may face challenges similar to previous layer-2 and layer-1 chains that struggled to maintain user engagement. Currently, ADA has slipped below critical support levels, trading at $0.4490.

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