Cardano’s ADA has been in a pronounced downtrend this year, trading near its lowest level since November. It was around $0.3740, down roughly 72% from its peak last year, suggesting a potential bottom if demand returns. Traders have watched the NIGHT token’s momentum as a possible catalyst ahead of the Midnight mainnet launch, slated for the first quarter.
NIGHT recently surged, trading around $0.07 on Saturday, up about 96% from its record low and lifting its market capitalization to roughly $1.15 billion. Daily volume exceeded $2.7 billion as activity concentrated on Bybit, Binance Alpha and LBank. The move has coincided with gains in other privacy-oriented coins such as Zcash and Monero.
Coinbase’s 2026 market outlook highlights privacy as a key crypto theme, with zero-knowledge proofs cited as a cornerstone of the evolution, aligning with Midnight’s privacy-focused design for Cardano. The Midnight mainnet launch is expected in Q1, a development that could elevate Cardano’s role in the privacy space and attract fresh ADA demand. Cardano’s Pentad upgrade is expected to address long-standing issues by introducing tier-1 stablecoins like USDC and USDT and by bolstering oracle networks with Pyth, with the possibility of other oracles like Chainlink and Band Protocol joining later. From a technical perspective, ADA has formed a falling wedge, a bullish reversal pattern that could spark a rebound toward the $0.50 level, followed by the $1 mark if momentum persists.
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