Midnight Leads Crypto Gainers as Market Sees Mixed Action
The cryptocurrency market experienced a volatile week, with Bitcoin briefly surpassing $87,000 before retreating below $84,000. Despite the pullback, Citi increased its 12-month price target for Bitcoin to $113,000, signaling ongoing bullish sentiment. Meanwhile, Solana ETF inflows slowed significantly to just $2.4 million for the week, indicating a shift in investor interest.
Among altcoins, Midnight (NIGHT) emerged as the top performer with an 85% rally, marking its fifth consecutive week of gains. The privacy-focused blockchain's bullish momentum pushed its price near $0.05, but traders are now watching for potential profit-taking. The Relative Strength Index (RSI) remains supportive, suggesting further upside potential if buying pressure continues.
Quant (QNT) also saw a strong 50% gain, but its technical structure is showing signs of being overbought. The RSI on a weekly chart indicates extreme overbought conditions, raising the risk of a near-term correction. The critical level to watch is $260, where bulls need to hold firm to avoid a sharper decline.
Pump.fun (PUMP) rounded out the top three gainers with a 25% increase. Similar to NIGHT, PUMP's RSI remains below overbought levels, suggesting steady accumulation. A breakout above $0.06 could trigger further gains, potentially pushing the price toward $0.08.
On the losing side, Lighter (LIT) plunged 20%, erasing its monthly gains and falling back to early-August levels around $3.50. Zcash (ZEC) and Dash (DASH) also declined, with ZEC falling 16.7% and DASH dropping 12%. Despite the declines, both assets show potential for recovery if bulls defend key support levels.