The volatility of $NIGHT is converging, and the market's response intensity has clearly weakened. The selling pressure is also gradually dissipating. This is a typical consolidation characteristic, rather than a distribution phase. When the response diminishes and the selling pressure fades, it often indicates that market participants are digesting the previous rise and seeking a new equilibrium. This process is crucial—it distinguishes between healthy consolidation and the dangerous formation of a top. From the current signs, $NIGHT is in the former.