Key facts
- The NIGHT token price surged 159% to $0.048, reaching a six-month high.
- The token experienced a significant crash in July due to a bridge exploit that drained $13 million worth of NIGHT.
- Charles Hoskinson has drawn comparisons between Midnight and Zcash, suggesting Midnight could surpass it.
- Key technical developments include upcoming releases for private smart contracts and composability upgrades.
- Institutional endorsements include Google Cloud, Worldpay, Bullish, MoneyGram, and eToro.
The NIGHT token, associated with Charles Hoskinson's Cardano-linked privacy initiative Midnight, has seen a significant price surge, reaching $0.048 and marking a six-month high. This rebound follows a substantial decline after a bridge exploit in July, which saw approximately 515 million NIGHT tokens, valued at $13 million at the time, drained from the Wanchain-operated Cardano–BNB Chain bridge due to a signature-reuse flaw. The token had previously bottomed out near $0.016 on July 20, 2026, a stark contrast to its all-time high of $1.81 reached shortly after its December 2025 launch. Despite the current price still being 97% below its peak, the upward trend has been re-established.
Several factors are contributing to this recovery. Charles Hoskinson, a key figure behind Cardano, has been actively promoting Midnight. On September 28, he asserted on X that Midnight would surpass Zcash in size, citing its capabilities in selective disclosure, private agents, a DeFi kernel for major blockchains, and the integration of ZK, TEE, and MPC technologies, all built upon Cardano's infrastructure. He also expressed his enjoyment in developing Midnight and its associated platform, midnight.city, drawing parallels to Cardano's early stages but with added experience. Technical advancements are also in play, with Midnight Foundation CTO Sebastien Guillemot detailing a v8 release focused on private smart contracts and custom tokens, and a v9 upgrade for composability and account abstraction anticipated in the fourth quarter of 2026. The project also boasts institutional backing, including a partnership with Google Cloud and mentions from Worldpay, Bullish, MoneyGram, and eToro.
The market capitalization of NIGHT token is currently estimated between $670 million and $740 million. Hoskinson's comparison to Zcash, which trades in the mid-$20 billions, suggests a long-term growth thesis rather than an immediate valuation target. Notably, the NIGHT token's price movement has diverged from Cardano's ADA token, with NIGHT showing gains while ADA experienced a decline in late September. This divergence is being closely watched. The broader privacy sector is also heating up, with Zcash's NU7 upgrade scheduled for its testnet on October 6 and mainnet on November 5. Other chains are also integrating native privacy features, such as Injective's CypherOS, and Cardano's enterprise initiatives, including a collaboration with Petrobras, indicate a growing ecosystem for Midnight.
For traders, key resistance levels for NIGHT are identified around $0.038–$0.040, corresponding to the June and early July trading range, while support is seen between $0.022–$0.028. Sustained trading above the resistance levels would signal continued demand. A break below the late-September base could indicate a short-lived squeeze rather than a genuine recovery. The upcoming launch of the v8 private smart contract functionality is considered the most critical fundamental catalyst; its timely delivery could further fuel the rally, while any delays might lead to a rapid sentiment shift.