Key Insights:
Midnight’s trading volume soared to $8.98 billion, five times its total market capitalization.
NIGHT price surged by over 20%, breaking the $0.10 resistance with high investor activity.
Talks with a stablecoin firm signal potential future growth, further boosting investor confidence.
Cardano’s privacy-focused token, Midnight (NIGHT), has surged by over 20% in the past 24 hours, outperforming the broader cryptocurrency market. The token is now trading at $0.1054, up from $0.063 earlier in the week, following a surge in trading activity.
According to CoinMarketCap, NIGHT’s daily trading volume jumped by nearly 82% to reach $8.98 billion. This surge places its volume at nearly five times its total market capitalization, suggesting heightened market participation and speculative interest among traders.
Strong RSI signals an overbought zone amid rising demand
Technical indicators reflect intense market enthusiasm. The Relative Strength Index (RSI) for Midnight reached 81.82, pushing the asset into the overbought territory. Despite this signal, momentum remains strong as investor attention shifts toward privacy tokens.
Midnight broke through the $0.10 resistance level after briefly peaking at $0.1189, indicating room for additional gains. The current rally follows a weekend jump in volume to over $3.5 billion, which initially pushed the token’s price from $0.063 to $0.07 before this latest breakout.
Investor sentiment remains optimistic amid ongoing discussions between Cardano’s team and a leading stablecoin provider. Talks have reportedly entered advanced stages, with a potential partnership announcement expected in the coming weeks. Market observers suggest that the deal could further strengthen Midnight’s position.
The privacy sector sees broader uptick in activity
Zcash (ZEC), another prominent privacy coin, has also recorded gains. Its trading volume increased by over 36 percent, while the price posted a 1.06 percent rise. The broader interest in privacy-focused assets continues to grow as regulatory uncertainties remain in focus.
As 2025 approaches, Midnight’s recent trading performance reflects increased market interest in privacy tokens. Continued growth in both price and volume indicates that investors are closely monitoring developments within this sector of the crypto market.
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