Cardano's price rally stalled today, December 4, even after developers launched the NIGHT token ahead of the closely watched Midnight launch. Cardano (ADA) token was trading at $0.4475, up modestly from this month’s low of $0.3713. According to crypto.news, the token has a market capitalization of over $16 billion.
In a statement, the Midnight Foundation announced the launch of the NIGHT token, marking it as the first Cardano Native Asset. The foundation anticipates that this launch will provide immediate liquidity while the team continues its development efforts.
1/ Today marks a milestone moment for @midnightntwrk: NIGHT is officially live. 🥳
— Midnight Foundation (@midnightfdn) December 4, 2025
Here’s what this means and what you should know 🧵 pic.twitter.com/mcJ4OGxMcy
Upcoming Midnight Mainnet Launch
The next significant milestone will be the Midnight mainnet launch, scheduled for next week. This launch will introduce the first zero-knowledge sidechain on Cardano. Upon its activation, NIGHT’s total supply will be mirrored on the Midnight ledger, enabling Glacier airdrop participants to redeem their tokens.
Charles Hoskinson, Cardano’s founder, expressed his belief that Midnight will be instrumental in scaling the network and enhancing its stablecoin supply and decentralized finance assets.
Broader Ecosystem Development
Midnight is one of several initiatives that Hoskinson and the Cardano team are actively pursuing. Last week, a proposal was submitted to allocate 70 million ADA tokens from the treasury to foster ecosystem growth and improvements. These funds are earmarked for boosting stablecoin supply, attracting high-quality oracle providers such as Chainlink, and enhancing analytics capabilities.
Concurrently, developers are progressing with Leios, a substantial redesign of the consensus protocol aimed at significantly improving scalability and transaction throughput through the implementation of parallel processing.
Another potential catalyst for Cardano's price is the possibility of Grayscale launching an ADA ETF. This move, anticipated either later this month or in early 2026, could significantly increase demand from American investors.
Cardano Price Technical Analysis
The daily timeframe chart indicates that the ADA price found a bottom at $0.3713 earlier this week, coinciding with a broader crypto market downturn. Following this low, the price experienced a modest increase as Bitcoin and other altcoins saw gains, and the countdown to the Midnight mainnet launch intensified.
However, it remains premature to declare the start of a new bull run, as the coin is still trading below the critical resistance level of $0.5077, which represented its lowest points in February, April, and June of this year.
A confirmed bullish breakout would occur if the price surpasses this level and subsequently moves above the 100-day Exponential Moving Average, currently situated at $0.6100. Conversely, a decline below the support level at $0.3713 would negate the current bullish outlook.