Midnight price soars 23% following mainnet launch

NIGHT price shot up nearly 23.5% shortly after Midnight, the privacy-focused partner chain of Cardano, successfully completed the launch of its mainnet.

According to a March 30 X post, the launch enables privacy and transparency to coexist on-chain on Cardano, allowing for selective disclosure and data protection that can align with global regulatory standards. This, in turn, allows Cardano to support confidential transactions while strengthening its overall security framework.

The upgrade enables ADA users to operate with programmable privacy through Midnight, introducing capabilities for selective data sharing while maintaining compliance-focused transparency. As such, it could allow institutional-grade privacy infrastructure to be deployed directly on the network. It also differentiates ADA from Ethereum and Solana on functional grounds by offering a native approach to privacy and compliance.

Charles Hoskinson, the founder of Cardano, has long described Midnight as a key solution for the ecosystem. He has highlighted that it could support the network’s next phase of growth, particularly by expanding its DeFi capabilities and strengthening its position relative to peers such as Ethereum and Solana.

Meanwhile, NIGHT price also rallied as whales showed strong interest in the token around the mainnet launch. Notably, a whale swapped 940K ADA tokens for 4.14 million NIGHT tokens just a day ahead of the launch.

Such activity could signal growing interest in privacy-focused assets and may support further accumulation, potentially driving additional upside in the token.

On the daily chart, Midnight price has broken out of a descending triangle, a popular reversal pattern in technical analysis.

Midnight price has broken out of a descending triangle on the daily chart — March 31 | Source: crypto.news

Technical indicators seem to suggest that bulls still hold dominance over the market. For instance, the MACD lines have pointed upwards while the Aroon Up at 78.57% stood much higher than the Aroon Down at 35.71%, a sign that the bullish trend remains firmly in place.

For now, the key resistance level that bulls would be keeping an eye on is $0.060, which aligns with the 23.6% Fibonacci retracement level. A breakout above this would mean the token is ready for a more sustained leg up.

On the contrary, if Midnight price falls below the $0.041 suppor,t which forms the lower horizontal trendline of the descending triangle, it would mean that the current breakout has failed and could lead to further consolidation.