Midnight has maintained a steady upward trend, keeping bullish momentum intact despite intermittent selling pressure. NIGHT continues to trade near its recent highs, edging closer to its all-time high.
While some investors show caution, broader price action suggests buyers still control the prevailing trend.
Midnight Still Has An Upper Hand
Recent on-chain data highlights an intriguing shift among the top 100 NIGHT holders. Over the past week, their collective holdings decreased by 14.5%, dropping from 236 million NIGHT to 202 million NIGHT. This trend suggests a calculated approach to profit-taking rather than panic selling.
Many large holders appear to have anticipated a brief saturation phase following Midnight’s strong rally. By locking in gains during this uptick, they are employing a tried-and-true strategy often seen among early participants. Notably, despite this distribution, selling has not disrupted the overall market structure, indicating that there’s still ample liquidity to absorb the circulating supply.
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Macro indicators also bolster Midnight’s bullish outlook. The buy-to-sell ratio indicates that buyers account for 52% of total transaction volume. This ratio shows that demand is currently outpacing supply, even as some profit-taking takes place.
This sustained dominance among buyers signifies continuing confidence in Midnight’s long-term potential. Demand-driven trading volume typically lays a robust foundation for trend continuation. As long as buying activity surpasses selling, NIGHT is well-positioned to tackle higher resistance levels without showing immediate signs of structural weakness.
NIGHT Price Could Form A New ATH
Currently trading at $0.095, NIGHT is hovering just below a critical psychological resistance at $0.100. This level has recently capped advances, presenting a significant barrier. A confirmed breakout past this threshold could catalyze a rapid drive toward its previous all-time high near $0.120.
To reach this target, NIGHT would need to realize a 25.7% price increase. Given the current metrics indicating strong demand and buyer dominance, such a movement is not out of reach. If this momentum persists, NIGHT could be well-positioned to approach this target as early as 2026, buoyed by steady accumulation of holdings.
However, it is crucial to acknowledge the downside risks that loom if selling pressure escalates. Renewed distribution could push NIGHT down to the $0.075 support level. A fall below this point could disrupt the current uptrend, shifting momentum firmly back to sellers.
