Cardano's Midnight (NIGHT) token got off to an excellent start, however the momentum is not any longer one-sided. NIGHT price continues to be nearly 300% above its post-launch lows. It continues to rise by almost 70% within the last seven days. But the tone quickly modified.
In the last 24 hours alone, the NIGHT price has fallen by around 10% and is now around $0.095.
This pullback is significant since it brings mixed signals beneath the surface. Some data points suggest continued accumulation by major players.
Others suspect that selling pressure is increasing, particularly from forex inflows that could be related to the airdrop. As January 2026 approaches, the subsequent move will depend less on euphoria and more on whether big money continues to intervene.
Large wallets accumulate at midnight, but the provision of foreign exchange increases
The data from on-chain holders shows a transparent division between behavioral types.
Forex balances for NIGHT have increased sharply within the last 24 hours. Exchange holdings increased by 17.97%, bringing the whole exchange holdings to around 166.14 million NIGHT tokens. This increase strongly suggests increased selling activity.
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Midnight token holder on BNB chain: Nansen
Given Midnight's recent airdrop and tranche-based distribution, a big portion of this inflow likely consists of early recipients transferring their tokens to exchanges to earn profits.
NIGHT Airdrop Claims: Midnight
At the identical time, mega whales do the alternative.
The top 100 addresses increased their holdings by 1.52% within the last 24 hours whilst the value fell. This equates to roughly 3.6 million NIGHT tokens added on a red day.
Over the past seven days, these same mega whales have increased their holdings by greater than 5.6% and have continued to purchase on each dips and strengths while the value has increased by almost 70%.
This divergence is significant. Foreign exchange inflows reflect short-term selling pressure, often driven by retail. The accumulation of mega whales reflects longer-term positioning.
For January 2026, the balance between these two forces will probably be more necessary than headline price movements.
Capital flow and dynamics show that big money still matters most
The forest data shouldn’t be alone. It is broadly consistent with the capital flow and momentum indicators shown on the chart.
We start with on-balance volume (OBV). OBV tracks whether volume is flowing in or out of an asset. On the 4-hour chart, OBV has declined together with price over the past 24 hours. This shows that short-term buying pressure has eased. Currently, the longer term of NIGHT price will depend on the OBV remaining above the trend line.
But OBV weakness alone doesn't tell the entire story.
The Chaikin Money Flow (CMF) adds a vital layer. CMF measures whether large capital enters or exits the market.
CMF rose above the zero line on December twentieth and has remained positive since then. Although it has leveled off over the past day, it has not fallen. More importantly, between December twenty second and twenty third, the value of NIGHT moved lower on the 4-hour chart while CMF continued to rise. This is a bullish divergence.
This suggests that larger wallets were still absorbing supply within the background whilst prices fell.
This confirms the Nansen data, which shows that the variety of mega whales increased throughout the decline, whilst foreign exchange balances increased.
A metric that shows how necessary big money is
VWAP, or volume weighted average price, helps connect these signals. VWAP represents the typical price paid, weighted by volume, and is usually used as a short-term trend indicator. NIGHT slipped under the VWAP on December twenty second and has struggled to recapture it up to now. This shows short-term weakness and explains why price momentum has stalled.
However, this exact setup has already been established once. On December 15, NIGHT also traded below VWAP. At this point, the CMF rose out of negative territory, indicating growing capital inflows. As the CMF strengthened, the value quickly recovered from the VWAP and continued to rise. The price increase was more aggressive when the CMF traded above the zero line.
This story is significant. New tokens often experience VWAP interruptions in early distribution phases. What will determine the final result shouldn’t be the VWAP itself, but whether capital flow supports a recovery as before.
Simply put, short-term traders are pulling out (and possibly booking profits), but larger players haven't exited. As long because the CMF stays positive and whales proceed to extend on downturns, the present weakness looks more like a consolidation than an entire trend break.
This leaves big money as the important thing variable until January 2026.
Derivatives and NIGHT price actions define the danger zone for January 2026
As capital flow slows, derivatives positioning becomes crucial as January begins.
Current liquidation data for the subsequent 7 days shows that the market continues to be long-oriented. On Binance, the long liquidation risk is about $3.6 million, in comparison with about $2.9 million on the short side. This imbalance has narrowed after the recent decline, but long positions still dominate.
This creates a fragile structure.
If NIGHT price continues to weaken while remaining below VWAP, long positions will grow to be vulnerable. A move towards $0.08 would likely trigger forced liquidations and speed up the downtrend. This scenario involves a weakening OBV and a stalled CMF.
Key 12-hour price levels clearly frame January:
- $0.101 is the primary level that NIGHT must reclaim. A transparent move over it might relieve the pressure immediately.
- $0.120 is the actual confirmation level. A day by day close above this may put NIGHT back into price discovery and negate the present weakness.
- $0.071 stays the important thing downside support. A break below would reveal deeper retracements towards $0.057 and $0.040.
For January 2026 the trail is direct. If whales proceed to build up, CMF rises again, and price reclaims VWAP, NIGHT may stabilize and seek one other phase of expansion. If capital support weakens while leverage stays high, the market risks a liquidation-induced restart before a sustainable trend emerges.
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Article source: beincrypto.com
The post Midnight Price (NIGHT) Crashes – But Big Creditors Are Still Buying appeared first on Crypto Adventure.
