The Tornado Cash price rose sharply on Friday after the crypto mixer network secured another legal milestone in the US. The TORN token soared to a high of $15.55 on Friday, its highest level since January 26 this year. It has jumped by over 145% from its lowest level this year.
TORN price jumped after the Office of Foreign Assets Control (OFAC) removed the sanctions on the network. This decision occurred after a court ruled that the office exceeded its authority when it placed sanctions on the company.
The US government had accused Tornado Cash of facilitating crime because of its business model. Ideally, the government can track crypto movements since the information is available on the public ledger.
Tornado Cash makes tracking these transactions impossible since users deposit their tokens to smart contract pools, which generate a secret code that you will use to complete the transaction. By doing this, no one can track the transaction, which the government argued would facilitate crime.
With the Tornado Cash sanctions lifted, one crypto analyst expects the token price to increase significantly. In an X post, Javon Marks, a popular analyst, said that the coin may surge from the current price of $15.5 to $370, representing a 2,650% upside from the current level. Such a move would increase the coin’s market cap from the current $46 million to over $3.7 billion.
His TORN price prediction carries weight because he is one of the most followed crypto analysts on X. He has also been consistent in his bullish case for the Tornado Cash price, with his initial prediction made in November last year.
Further, the analyst recently made a bold prediction on PancakeSwap price, which occurred. He predicted that the CAKE coin would soon surge. Since then, the coin has jumped by over 100% in the past few weeks, helped by the growing volume in its DEX platform because of the growing meme coin ecosystem.
Tornado Cash price would need several catalysts to surge to $370. In the first place, it needs the crypto market to be supportive, with Bitcoin surging to a record high. TORN also needs to have some more bullish news such as fresh exchange listings.
