- Cardano’s Midnight sidechain will airdrop tokens to 37 million wallets across eight blockchains.
- ADA is holding strong above key support, with Fibonacci targets pointing to $0.88 and beyond.
- Charles Hoskinson’s VC-free “Glacier Drop” aims to shift crypto from competition to collaboration.
At Consensus 2025 in Toronto, Cardano’s Charles Hoskinson unveiled a bold initiative to end crypto’s “tribal warfare” by distributing Midnight tokens to an estimated 37 million wallets across eight major blockchains.
Dubbed the “Glacier Drop,” the move could put ADA token on a bullish path, potentially resulting in a new all-time high by the end of the current bull cycle.
A Radically Inclusive Approach
Midnight, Cardano’s privacy-focused sidechain currently in testnet, is taking a radically inclusive approach. The Glacier Drop will distribute both governance (NIGHT) and transaction (DUST) tokens to users across leading networks like Ethereum, Solana, and Bitcoin.
Unlike most launches that reward insiders and early investors, this drop is entirely retail-focused. Hoskinson, in his signature defiant tone, told VCs to “get the hell out,” calling their involvement “a Ponzi.”
But this isn’t just about ideological grandstanding. Midnight’s cooperative economic model allows developers to build decentralized apps that accept fees in their chain’s native currency—ETH, SOL, BTC, etc.—while validators across ecosystems can earn rewards, regardless of chain loyalty.
Price Action: Will ADA Push Higher in 2025?
As of May 15, ADA is trading at $0.7933, down 2.3% on the day with volume dropping 12.13% to $1.09 billion, as per CoinMarketCap data. However, technical signals suggest the pullback might be temporary and part of a larger bullish structure.
The MACD indicator on the chart below shows that the MACD line (blue) is slightly above the signal line (orange), showing a weak bullish crossover. Momentum is building, but confirmation is needed
Meanwhile, the RSI is currently at 60.53, in bullish territory but not overbought, indicating room for further upside before hitting resistance around the 70 level.
On the other hand, ADA has been consistently finding support near the 20-day EMA at $0.7480, a key level bulls are defending. The Fibonacci extension levels place critical upside targets at 1.618 at $0.8849, 2.618 at $1.0373, 3.618 at $1.1897, and 4.236 at $1.2838 for the near future.
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