Midnight (NIGHT), the privacy-focused token built on Cardano, is testing a make-or-break support zone. The token has dropped roughly 8% over the past week to $0.0588, losing more than half its value since the December peak of $0.12. All eyes are now on the $0.05 level.
From a 200% Surge to a Steady Bleed
NIGHT launched in December 2025 and surged over 200% in its first month, hitting $0.12 on Dec. 21. After a brief New Year rally to $0.097 on Jan. 3, the trend reversed. The decline has been relentless, even as the broader crypto market faced daily liquidations near $1 billion. NIGHT's losses have been particularly severe.
Exchange Listings Fail to Boost Price
Surprisingly, NIGHT futures went live on Coinbase Futures and eToro without sparking a sustained rally. Typically, listings on major venues provide a short-term price lift, but NIGHT only stabilized briefly before resuming its slide. Traders point to a lack of on-chain activity and thin liquidity as possible reasons.
$0.05: The Line in the Sand
Rick McCraken, a Cardano stake pool operator and Midnight validator, called $0.05 the token's first major test. He noted that despite being launched as an airdrop just over a month ago, NIGHT already has nearly 30,000 holders across the Cardano blockchain and centralized exchanges. McCraken said that consolidating around $0.05 over the next few days would confirm support and set the stage for a possible rally toward $0.10.
The flip side: if $0.05 breaks, there is little visible support below. The coming days will determine whether NIGHT bottoms out or slides further. The market is watching closely.