Midnight (NIGHT) Jumps 13% as Hoskinson Says It Could Surpass Zcash

Midnight ($NIGHT) extended its bullish structure into the end of September, flipping the $0.03 resistance and pushing to a two-month high of $0.033 — levels the token last touched in early July. As of writing, $NIGHT was trading around $0.032, up 13% on the daily charts.

The rally has drawn heightened attention after Cardano co-founder Charles Hoskinson said Midnight could become bigger than Zcash.

A week of relative strength

Since holding the $0.022 support roughly a week ago, Midnight has closed with higher highs, a sign of relative strength that carried through the final days of September. The advance was backed by a strong jump in trading activity: spot volume climbed 50% to $54 million, while daily turnover rose to $26 million, reflecting firm buy-side participation.

Why is Midnight rallying?

The breakout above $0.03 was driven largely by positive chatter. After Weiss Crypto projected that $NIGHT is likely to become one of the best players of the next two years, Hoskinson agreed, positing that Midnight could grow bigger than Zcash.

The Cardano co-founder noted that Midnight goes well beyond Zcash's shielded transactions, aiming instead for programmable and rational privacy via selective disclosure. The endorsement carries extra ecosystem context: Midnight is developed by IOG, the technology company behind Cardano, meaning the comments come from within the project's own camp rather than from an outside observer. The design itself is the differentiator in this comparison — selective disclosure aims to let users control which data they reveal and to whom, in contrast with the shielded-transaction model Zcash is best known for.

His assessment sparked heated debate, with some observers agreeing and others expressing skepticism. DeFi Warhol, for one, argued that at the current pace, two weeks of Zcash's activity equals Midnight's entire public transaction count. With Zcash enjoying more than 10 years of liquidity, DeFi Warhol concluded it would be nearly impossible for Midnight to close the gap in such a short term.

The exchange matters for the privacy niche beyond a single token: it frames the sector's central tension, pitting a challenger built around user-controlled data disclosure against an incumbent with a decade-plus liquidity lead. Privacy-focused assets also operate under a regulatory shadow, with several jurisdictions restricting privacy-enhancing coins on regulated platforms — a backdrop that keeps the trade-off between privacy features and compliance at the center of how such projects are judged.

Risk appetite returns

The public discourse around $NIGHT fueled broader market activity, with the derivatives segment seeing fresh participation. According to CoinGlass data, open interest rose 17% to $23.8 million, while derivatives volume jumped 88% to $77.6 million. The rising open interest implied that investors rushed to open leveraged bets.

Meanwhile, the long/short ratio on Binance climbed to 1.4, with top trader positions rising to 2.9. The overall ratio has yet to move above 1, however, implying that most traders are still anticipating a drop.

Can the trend hold?

Presently, $NIGHT sits structurally strong. Its MACD has held within upward trajectory, and the True Strength Index (TSI) has done likewise. Combined, the two indicators signal a likelihood of trend continuation.

If demand is sustained, Midnight will reclaim $0.034, leaving $0.04 as the next significant resistance. The spot market, however, remains under pressure from profit realization: over the past 24 hours, $11.5 million worth of $NIGHT flowed into exchanges, compared with $10 million in outflows.

With sellers active on the spot side, they are likely to threaten the recent uptick. Continued selling would see Midnight fall back to $0.027.

Summary

$NIGHT surged 13%, flipping the $0.03 resistance to reach a two-month high of $0.033. Midnight drew fresh market attention after Charles Hoskinson claimed that $NIGHT will become bigger than Zcash.

Source: AMBCrypto