Cardano price settles at a key level ahead of the Midnight launch: will it rebound?👇👇👇

Cardano price remains in a technical bear market and is hovering near its lowest level since November last year as traders wait for the upcoming launch of the Midnight mainnet and as more exchanges confirmed the NIGHT token listing.

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2.34%
Cardano token was trading at $0.4185, down sharply from the year-to-date high of $1.3202. It remains much lower than the all-time high of $3, lagging other top tokens like Chainlink and Ethereum.

Cardano will be in the spotlight as investors focus on the upcoming Midnight mainnet launch, which will happen on Monday. Midnight is a project that has been in development for the past few years, which will create more utility for Cardano.

The developers launched the NIGHT token last week, becoming the first Cardano Native Asset. This token will now be launched and become tradeable on Monday this week. Some top exchanges like Bybit, Gate, and OKX have all confirmed that they will list it.

The NIGHT airdrop will be important for Cardano as it will allow people who claimed it during the Glacier airdrop and the scavenger mine period to claim it. While some of these holders will sell them, others will likely sell them.

Cardano and the team, including Charles Hoskinson, hopes that Midnight will introduce more developers to the network and boost its total value locked.

However, some analysts question Midnight’s benefit to the Cardano ecosystem as it will enable users to develop on Midnight and not Cardano itself. Also, some recently launched layer-2 and layer-1 networks have not been successful. For example, Plasma and other networks like Monad and Keeta have faded shortly after launch.