Cardano's privacy-focused token, Midnight (NIGHT), has experienced a significant 20% weekly price decline, trading at approximately $0.068 at press time. This drop comes after a massive surge in December 2025, which saw the token reach highs of $0.119 on December 21, accompanied by trading volumes that once surpassed $8 billion.
The current correction contrasts with gains seen in other privacy tokens like Monero (XMR), which hit a new all-time high above $592, and Zcash (ZEC). Analysts attribute NIGHT's movement partly to broader market conditions characterized by thin liquidity and uneven risk appetite.
Technical analysts are closely monitoring the token's chart patterns. A detailed Elliott Wave analysis shared by @GunsRoses1987 on X notes that the current C wave of wave (iv) has developed longer than the typical A wave, which is an anomaly traders are watching. The analysis suggests wave (iv) could dip slightly lower before a potential reversal, with a key scenario being that the peak of $0.12 marked the end of Primary 1, and the current pullback is part of a larger Primary 2 correction that may bottom in Q1 2026.
On shorter timeframes, resistance at $0.07298 is defining near-term direction. A confirmed break above this level could target $0.07524 and possibly $0.08268, while failure to hold could see tests of support at $0.07109, $0.06748, and $0.06552.
Despite the recent price weakness, fundamental developments for the project continue. NIGHT is described as a fourth-generation privacy cryptocurrency created by the IOG (Input Output Global) team, associated with Cardano founder Charles Hoskinson (@IOHK_Charles). Its mainnet launch is imminent, with a detailed roadmap for 2026 that includes the arrival of the first dApps in Q1, network expansion in Q2, and opening the network to other blockchains with hybrid applications in Q3.
Market commentary from accounts like @thebitwhale highlights NIGHT's potential within the privacy narrative, drawing comparisons to Zcash's past 20x rallies and suggesting NIGHT possesses similar upside potential. The token's supply dynamics are also noted, with a current distributed supply of roughly 4.5 billion tokens and planned airdrops expected to increase the total supply to about 8 billion. Airdrops have been allocated to investors in ADA, BTC, ETH, and SOL.
