Midnight’s native token NIGHT is pressing the upper boundary of a falling channel after jumping nearly 8% in 24 hours to trade around $0.04593. According to Coinglass, open interest in NIGHT rose 26.74% to $26.71 million, with shorts accounting for 71% of liquidations. Analysts say the token must hold the 20-day EMA at $0.0416, while a daily close above $0.0488 would confirm a breakout and open the path toward $0.0532.
On-chain activity is strengthening the bullish narrative. Midnight processed 96,851 transactions on November 10, more than four times the 24,160 recorded by Zcash the same day. Over the trailing 30 days, Midnight handled 1,487,836 transactions versus 308,050 for Zcash. Charles Hoskinson, founder of Cardano and a leading figure behind Midnight, reacted on X: “Midnight is growing. Private Smart contracts are the future.” He had previously argued in September that NIGHT could eventually surpass ZEC, citing selective disclosure, private agents, zero-knowledge proofs and trusted execution environments.
Meanwhile, ZEC remains under pressure near $980 after losing 14% and falling below the $1,000 psychological mark, pushing its market cap to about $16.6 billion and out of the top 10. NIGHT is up more than 9% over 24 hours and 21% over two weeks, though it remains about 60% below its December 2025 all-time high. Short-term catalysts may also be building: Angry Crypto Show reported that Monument Bank’s founder expects tokenized deposits to go live on Midnight within days.
