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Midnight, a privacy-focused blockchain built on Cardano, has surged into the spotlight after becoming the fourth most traded cryptocurrency worldwide. Meanwhile, trading volume spiked to nearly $8 billion, pushing the NIGHT token price up to $0.118 today.
So, what causes the sudden pump?
Midnight Stablecoin Partnership Talks Spark Rally
One of the key drivers behind NIGHT’s price surge is news of a possible stablecoin partnership. Midnight Foundation President Fahmi Syed shared that a legal deal for a stablecoin partnership is being reviewed right now.
While no company name was shared, he said an update could come in the next few days or weeks. If confirmed, such a partnership would validate Midnight’s enterprise-level use case, pushing demand for the NIGHT token, which powers network operations.
Night Token Trading Volume Hit $8 billion
What truly set Midnight apart today was its explosive trading volume. In the past 24 hours, NIGHT recorded around $8 billion in trading volume, briefly touching $8.10 billion. This made it the fourth most traded cryptocurrency globally, even higher than XRP and Solana combined.
Such strong volume shows intense trader interest. The price also moved above the $0.11 level, a key area many traders watch closely. This breakout brought in fresh buyers and helped the upward move continue.
Big Glacier Drop Airdrop Brought Instant Attention
Another major reason is the recent “Glacier Drop” airdrop. Earlier this month, NIGHT tokens were given to more than 170,000 wallets. This helped spread the token to many users instead of just early insiders.
As people received the tokens, they started trading and talking about NIGHT. This quickly increased activity and helped boost the price.
NIGHT Token Price Outlook
Midnight’s token price jumped nearly 25% in the past 24 hours and is now trading around $0.01073, with its market value rising to about $1.77 billion.
On the 4-hour chart, NIGHT is showing a strong upward move, which often marks the start of a fast rally. The price has also broken above the key resistance near $0.10, confirming growing bullish momentum.
If this momentum continues, analysts believe NIGHT could move toward the $0.17 level. As long as the price stays above the $0.09 support zone, the trend remains positive.
However, a drop below this level could push the price back toward $0.078.