Cardano's Midnight prices rebound, Hoskinson hints that a "big move" is imminent

Cardano's Midnight token hit hard

Midnight token plunged more than 25% this week due to panic caused by the Wanchain Bridge vulnerability. But the good news is: The Midnight chain itself has not been touched, and the team has confirmed this.

Today, buyers entered the market, and Midnight prices rebounded by about 10%. Charles Hoskinson then spoke out, calling Midnight an ecology of "real value" and revealing that "big things" were coming. It's important-whether you like him or not, people will listen when he speaks.

As a result, three things happened at the same time: buyers bargain-hunting, exchanges stabilizing the situation, and big shots endorsing. This is enough to get Night out of the bottom.

The Wanchain Bridge vulnerability caused the price of NIGHT to plummet, and then buyers entered the market.

On July 21, someone broke through the Wanchain Bridge connecting Cardano and BNB Chain and stole 515 million NIGHT tokens, or approximately US$13 million. The market panicked, and people sold first and asked later. But what everyone ignored at first was that Midnight's own blockchain was completely fine. The vulnerability occurred on the Wanchain side, not Midnight. The agreement will operate as usual without any impact.

When NIGHT plunged more than 35% due to a massive sell-off of a wallet, everyone thought it was a giant whale shipping through the Wanchain Bridge. It turned out that it was not the giant whale, but hackers who used the Wanchain Bridge (Cardano-BNB route) to steal 515 million NIGHT tokens...

Once the truth came out, the buyer came back. They entered when they saw the plunge, and prices rebounded within hours.

The exchange also helped. Binance, OKX, Kraken, etc. quickly acted to freeze the hacker's wallet and suspend the charging and withdrawal of NIGHT. This cut off the thieves 'retreat. Of the 515 million stolen, approximately 225 million never made it to the public market. Pressure eased, selling stopped, and prices stabilized.

Charles Hoskinson says Midnight's future remains strong

Cardano founder Charles Hoskinson spoke after the incident, further boosting confidence. After NIGHT began to recover, Hoskinson said the vulnerability did not change Midnight's potential value. He called the network a strong project with excellent technology, a real profit plan and an experienced team, and revealed that "big things" were coming.

He did not disclose what it was, nor did he say when. But for many investors, hearing this is enough. This told them that despite the trouble on the bridge, the work had not stopped.

For traders, this statement is important because it distinguishes temporary security issues for bridge infrastructure from Midnight's overall development roadmap.

What does the Midnight price chart show?

We looked at the chart and the momentum improved after the sharp decline. Currently, the token is priced at around $0.172, a rebound from last week's sell-off.

The random oscillation indicator is 67.28, which is heating up but not yet overheating, and there is still room for upside. Another indicator, the ultimate oscillator indicator, is 46.89, indicating that there are more buyers than before, but the madness has not yet occurred.

Prices have just recovered above $0.170. This level was previously resistance but now has become support. The next resistance level is between $0.175 and $0.180. In the past, every time prices tried to break through that range, sellers would step in and suppress it. If a breakthrough is successful, you may see $0.190 or even $0.195, which is the price level at Midnight in early July.

Can Cardano Midnight prices recover their recent losses?

The next trend of NIGHT depends on one thing: Can buyers continue to work hard?

To turn the situation around, prices need to stay above $0.170 and break through the resistance level of $0.175 to $0.180. If more buyers continue to pour in,$0.190 is expected to be hit with the intervention of exchanges and a boost from Hoskinson.

However, if the seller shows up and rejects the resistance level, be vigilant. A break below $0.170 could bring Midnight prices back around $0.160. If the sell-off intensifies again, last week's lows will be tested again.

For now, it looks more like a bounce than a true reversal. We haven't entered the inversion zone yet. Technical indicators have improved, but have yet to show strong bullish momentum. The next few trading days, as well as the latest developments in the Wanchain survey and any recovery plans of affected users, will likely determine whether NIGHT prices recover more weekly losses.

FAQs

Will Midnight benefit Cardano?

Yes. Midnight expands the Cardano ecosystem by adding privacy-protected apps and zero-knowledge capabilities to support DeFi, identity and enterprise use cases without affecting Cardano's core roadmap.

Did Cardano create Midnight?

Midnight was created by Input Output Global (IOG), the company behind Cardano, under the leadership of Charles Hoskinson. It is an independent chain of proof-of-stake partners designed to bring programmable privacy to blockchain applications.

Why does Midnight need Cardano?

Midnight relies on Cardano to provide security and ecological connectivity that allows developers to combine private transactions with Cardano's infrastructure. This partnership allows decentralized applications to leverage privacy capabilities while remaining interoperable with the broader Cardano network.