- The US Court of Appeals lifted sanctions against Tornado Cash and ruled in his favor
- Then TORN rose 387.51% in the last 24 hours
After the court ruling in favor of Tornado Cash, TORN saw a dramatic increase of over 1000%. Thanks to the same, the altcoin jumped from $3.60 to a high of $40 within just a few hours.
At the time of writing, the token was trading around $18, indicating an increase of 412% in the last 24 hours. This despite a short period of decline in the charts.
Court lifts sanctions against Tornado Cash
A US Federal Court of Appeals recently ruled in favor of Tornado Cash (TORN), lifting sanctions imposed by the US Treasury Department. In fact, tThe court ruled that the Treasury Department exceeded its authority in sanctioning the technology, which anonymizes cryptocurrency transactions.
According to the court, Tornado Cash’s smart contracts cannot be classified as property. No sanctions can therefore be imposed, the court said.
The Treasury Department targeted Tornado Cash in 2022, claiming it had facilitated more than $7 billion in illegal transactions. In fact, this figure also included the $455 million stolen by North Korea’s Lazarus Group.
What does whale activity suggest?
On November 8 and 11 smart The funds cost a total of 26,359 TORN tokens at approximately $2.70 each, representing an investment of $455,000 through the MEXC exchange. This sharp price increase has led to significant unrealized profits.
At press time, the smart money position had achieved $384,000 in unrealized gains, representing a 540% return on investment.
The price increase also highlighted the market’s strong reaction to the court ruling – a sign of renewed confidence and interest in Tornado Cash and its token.
TORN Technical Analysis
The 4-hour chart of Tornado Cash showed strong bullish momentum, with the altcoin trading at $18.69, following a 55% return from its $40 high.
Indicators like the Alligator suggested an uptrend as the lines seemed to align for upward momentum. Additionally, the TSI and the Awesome Oscillator confirmed purchasing power with rising momentum on the charts.
Source: TradingView
If the price remains above $20, a breakout to $40 could be likely. However, failure to hold this level could lead to retracements towards around $10.
Tornado Cash is seeing a huge increase in volume and activity
There also seemed to be an increase in high transaction volume for Tornado Cash (TORN) over the past 24 hours. Figures for the same hit 101.51k TORN – A 7 day high.
Here it is worth pointing out that the price rose sharply alongside this volume spike, from around $1.00 to $13.00. This can be interpreted as an increase in market activity and strong buyer interest.
Source: IntoTheBlock
This increase in transaction volume indicated growing participation from larger market players, fueling the altcoin’s latest price surge.
The sharp difference from previous activity levels could indicate a speculative run or significant fundamental developments driving demand.
Finally, Tornado Cash’s new addresses increased by +4180%, while active addresses grew by +979.31% – a sign of increased user participation.
Source: IntoTheBlock
At the same time, zero-balance addresses increased by +2122.22%, indicating a possible wallet reshuffling or dormant account reactivations.
