The recently launched NIGHT crypto token is in a strong bull run, with demand continuing to rise. Midnight jumped to a high of $0.1131, its highest point since Dec. 9, and 195% above its all-time low, giving it a market capitalization of over $1.7 billion.
NIGHT Crypto Price Jumps on High Volume
The Midnight token price is in a strong bull run, making it one of the best-performing coins in the cryptocurrency industry. This surge is happening in a high-volume environment, with the 24-hour figure rising to over $6.3 billion.
NIGHT’s volume makes it the third-most actively traded token in the crypto market, after Bitcoin and Ethereum. This is a notable development as NIGHT, a Cardano Native Token (CNA), was launched two weeks ago.
There are three main reasons why the NIGHT token is soaring. First, most experts believe that privacy will be one of the most critical themes in the crypto market in the coming year.
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This theme has become more popular following the recent Zcash price surge, which has transformed it into the privacy industry’s largest player after Monero. Midnight aims to be a major player in the privacy industry by leveraging the zero-knowledge proof (zk) technology.
Second, Charles Hoskinson remains highly optimistic about Midnight and its growth trajectory. He believes the Midnight can increase DEX volume on Cardano from $4.3 million to billions once stablecoins and bridges launch on the network.
Third, the NIGHT token is rising as traders anticipate the upcoming Midnight mainnet launch, which is scheduled to begin in the first quarter of the year. A federated mainnet will launch in Q1, followed by an incentivized testnet in Q2, with the full mainnet launching later this year.
Finally, the token is soaring as the futures open interest jumps. It rose to a record high of $135 million, up sharply from $41 million at launch earlier this month. This is a sign that demand for the token is in a strong uptrend.
Midnight Token Price Technical Analysis
The hourly chart shows that the NIGHT token price has rebounded in the past few days, moving from a low of $0.035 on Dec. 9 to the current $0.1050.
It has moved above the 50-period and 25-period moving averages, a sign that bulls are in control. It is also a sign of Fear of Missing Out (FOMO).
The Relative Strength Index (RSI) and other top oscillators have continued rising, signaling rising momentum. Therefore, the token will likely continue to rise as bulls target the key resistance level at $0.1500.
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