Midnight has continued its sharp rally as strong demand from investors has pushed the token to a new all-time high. The project, linked to Cardano founder Charles Hoskinson, is gaining more attention due to the ongoing upward momentum.
Although NIGHT has already yielded substantial profits, technical and macroeconomic signals indicate that there is still more upside potential.
Midnight holders are looking towards a new dawn.
Investors continue to strongly support NIGHT. The Chaikin Money Flow is above zero, confirming that there are net inflows. Despite the indicator having slightly dropped in the last 48 hours, capital continues to flow into the project. This shows that confidence remains instead of people exiting.
Much of the demand for NIGHT comes from its connection to Charles Hoskinson, the founder of Cardano. This link has given the project more credibility and visibility.
In the short term, this narrative-driven interest will likely ensure that more capital flows into NIGHT, keeping the price at a high level.
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The macro conditions are also favorable for NIGHT. The token has a weak correlation with Bitcoin, making it less affected by overall market uncertainty. Due to this independence, NIGHT can rise even if Bitcoin struggles to regain momentum.
A low correlation often helps new projects when Bitcoin remains in a consolidation phase. Since Bitcoin has not shown a clear recovery yet, it is an advantage that NIGHT can move on its own. This allows NIGHT to perform better in the short term than the rest of the market.
The Midnight price has risen by 42.7% in the last 24 hours and is currently around $0.093. This rally led to a new intraday all-time high of $0.096. The momentum remains strong due to sustained demand and significant interest following the breakout.
Bullish sentiment and favorable macro conditions support further growth. If this trend continues, NIGHT could even rise above $0.100. Reaching the 10 cent range is an important psychological point, likely attracting more speculators and strengthening momentum.
There are risks when holders take profits. A wave of selling could bring the NIGHT price back towards the $0.075 support. If that level is lost, the bullish structure weakens. Further decline to $0.060 is then possible, which invalidates the current bullish expectation and increases volatility.
