Tornado Cash (TORN ) Surges +700% Yet 96% Below ATH—What Lies Ahead?

Tornado Cash surges +700% after a U.S. court ruled sanctions unlawful.
Despite this surge, the TORN token remains 96% below its $408 all-time high.
Technical indicators hint at a possible slowdown in TORN ‘s bullish run.

After a U.S. Court declared sanctions against the Tornado Cash platform as unlawful, the TORN token surged 700%. However, it traded 96% below its all-time high of $408. At the time of writing, the token is hovering around $20.

In February 2021, TORN’s circulating supply was 500,000 tokens, valued at $204.07 million, with a price of $408 per token. By November 2024, the total supply increased to 8.9 million tokens, but its market cap is approximately $176.04 million. This matches its 2021 valuation despite the difference in token price.

Tornado Cash $TORN spiked +700% after US court rules sanctions placed against @TornadoCash were unlawful.

Despite the price hovering around ~$20 (-96% from its ATH at $408), emission on $TORN supply has indicated its unlocked supply to be similar in value after almost 4 years.… pic.twitter.com/ih8YscxK8o

— Tokenomist (prev. TokenUnlocks) (@Tokenomist_ai) November 28, 2024