Midnight (NIGHT) Price is Plummeting — But Big Holders Are Still Buying
Despite a recent 10% price drop for NIGHT, large holders are accumulating, contrasting with increased selling pressure from exchange inflows.Summary
Cardano's Midnight (NIGHT) token has seen significant gains but is currently experiencing a pullback, dropping about 10% in 24 hours to around $0.095. This price movement is accompanied by mixed on-chain signals. Exchange balances for NIGHT surged by nearly 18%, suggesting short-term selling, likely from early airdrop recipients realizing gains. Conversely, the top 100 addresses (mega whales) increased their holdings by 1.52% over the same period, indicating longer-term accumulation during the dip. Technical indicators like On-Balance Volume (OBV) show weakening short-term buying pressure, but the Chaikin Money Flow (CMF) remains positive and showed a bullish divergence, suggesting underlying capital absorption by large players. The key to future price action hinges on whether this whale accumulation continues to support the asset above critical levels like the Volume-Weighted Average Price (VWAP), especially as derivatives data shows a long-heavy bias that could trigger liquidations if the price falls toward $0.071 support.
(Source：BeInCrypto)