Midnight’s NIGHT Airdrop Sparks Cardano Price Rally
Cardano (ADA) is seeing renewed investor interest after the Midnight Network launched its NIGHT token airdrop to 30 million wallets across eight blockchains. ADA holders received 50% of the allocation, rewarding long-term supporters via a July 11 snapshot. Over 23,000 redemptions, totaling 470 million NIGHT tokens, occurred within days despite minor Ledger wallet signature glitches. The phased “Glacier Drop” aims to curb speculative dumping and support steady adoption.
On the charts, ADA has broken out of a descending triangle and retested $0.72 as new support. A decisive move above the $0.74–$0.76 resistance zone could target $0.84 and, with strong volume, pave the way to $1.00 and beyond. Some analysts even eye $1.35–$1.60 if broader sentiment remains positive.
Community governance also advanced as a treasury vote greenlit core upgrades by Input Output Engineering. The launch of a Portuguese CBCA blockchain certification course in Brazil highlights Cardano’s global education push. With historical Q4 rallies and this major catalyst, traders will watch the $0.84 level for confirmation of a fresh bullish trend.
Bullish
Categorization as bullish is driven by three main factors. First, the Midnight Network’s NIGHT token airdrop injects fresh demand into ADA wallets, boosting user engagement and on-chain activity. Historically, major airdrops have spurred short-term price rallies, as seen with Uniswap’s UNI and 0x’s ZRX distributions. Second, ADA’s technical breakout from a descending triangle and successful retest at $0.72 signals structural strength. If ADA clears the $0.74–$0.76 resistance with volume, targets at $0.84 and $1.00 become plausible. Third, positive governance developments—such as the treasury vote for core upgrades and global education initiatives—enhance long-term confidence. While minor wallet issues may temper exuberance, the convergence of fundamental catalysts, bullish technical indicators, and historically strong Q4 trends supports a bullish outlook. Traders may thus position for further gains, especially if the $0.84 level is decisively breached.