Coin of the Week | Midnight [NIGHT] | 29th Sept – 5th Oct

Midnight’s NIGHT is our Token of the Week after gaining roughly 70% over the past seven days and climbing to its highest level in around six months. The rally has pushed NIGHT back toward the $0.05 level, marking a strong recovery from the weakness seen earlier this year.

The biggest catalyst is anticipation around Midnight’s upcoming v8 release, which is expected to enable private smart contracts and private tokens. This has renewed attention around Midnight’s privacy-focused blockchain infrastructure within the broader Cardano ecosystem. Momentum also remains constructive: the chart shows an RSI near 59, while the MACD has moved into positive territory, suggesting buyers still have some momentum without the token being deeply overbought.

The move is particularly notable given NIGHT’s recovery from the July 2026 hack, which reportedly resulted in losses of around $13 million and pushed the token as low as $0.015.

Derivatives activity is also elevated. Aggregated open interest stands at roughly $22 million, showing traders remain actively positioned in NIGHT after the rally. At the same time, the average funding rate is around -0.0199, indicating a tilt toward short positioning. If prices continue higher, these shorts could add fuel to the move through short covering, although leveraged positioning can also increase volatility.

The liquidation heatmap shows a significant concentration of liquidity above the current price, particularly around $0.052–$0.054, making this an important zone to watch.

The key risk is supply. Glacier Drop token tranches continue unlocking until December 2026, which could create periodic selling pressure.