The Cardano Midnight Network's native token, NIGHT, has experienced a sharp price reversal, dashing hopes of a sustained bullish run. After a weekly gain of over 18%, the asset fell approximately 8% in the last 24 hours, with its price dropping from a daily high of $0.1015 to $0.08814. This decline has sparked investor concern that the token, often dubbed the "new Cardano," may not achieve its goal of "losing a zero" to reclaim its all-time high of $1.81 from December 9, 2025.
Technical indicators point to overbought conditions, with the Relative Strength Index (RSI) hitting 67, prompting significant profit-taking. This sell-off has also impacted trading volume, which dipped 18.53% to $94.68 million, increasing volatility. Analysts warn that if NIGHT breaks below the $0.085 support level, it could crash to between $0.075 and $0.08.
This price action contrasts with a major technical milestone for the network. Core developers have successfully implemented a new hardfork tied to ledger version 7.0. As explained by developer Sebastien Guillemot, this upgrade introduces a built-in system for future network changes, designed to reduce disruption and facilitate long-term stability as the project advances toward its full mainnet launch.
The hardfork gained broader industry relevance following comments from Cardano founder Charles Hoskinson. In response to a discussion by a16z Crypto on privacy as a competitive edge in blockchain, Hoskinson pointed to the Midnight Network, highlighting its focus on confidential transactions and data protection.
Despite the recent price slump, Midnight has shown impressive adoption since its launch, briefly becoming a top-100 crypto asset. It recorded a trading volume exceeding $3.5 billion just 11 days ago, although its price was lower than current levels, underscoring the current profit-taking trend. The token currently holds a market capitalization of $1.59 billion with a circulating supply of 16.6 billion out of a total cap of 24 billion.
