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The Tornado Cash price has soared 21% in the last 24 hours to trade at $10.59 as of 10:30 a.m. EST on a 1,798% pump in trading volume to $327 million.
This jump in the TORN price comes after the US Treasury’s Office of Foreign Assets Control (OFAC) removed crypto mixer Tornado Cash from its sanctions list.
The decision was announced in a press release citing a court filing in Van Loon v. Department of the Treasury.
🚨BREAKING NEWS 破 : 🇺🇸OFAC delists Tornado Cash addresses after U.S. lifts sanctions and ban pic.twitter.com/6edUn5uMhI
— Crypto Beat (🎧,💹) (@0xCryptoBeat) March 21, 2025
Despite the removal, the Treasury remains concerned about Tornado Cash’s alleged role in money laundering, particularly involving North Korea’s Lazarus Group.
The platform was initially sanctioned in 2022 for reportedly facilitating the laundering of over $7 billion in digital assets.
Tornado Cash Price Faces Rejection – Can The Bulls Breakout?
Tornado Cash (TORN/USDT) is trading at $10.76 in the 4-hour timeframe following a breakout from a prolonged bearish channel.
The price had been under consistent downward pressure, forming a bearish channel from mid-February to early March.
However, a breakout from this pattern, confirmed by a successful retest of support, marked the beginning of a bullish reversal. This shift in market sentiment was further reinforced by a sharp price surge.
TORN has also formed a rising wedge pattern breaking to the upside. The breakout level around $8.00 was a strong support zone, providing a base for the impressive upward momentum.
Additionally, a Break of Structure (BOS) was established near the $8.50 level, confirming the change in market direction. Fair Value Gaps (FVG) in the $9.00 to $10.00 range also attracted institutional interest, contributing to the rapid price appreciation.
TORNUSDT Analysis Source: Tradingview
The price peaked at approximately $14.00 before encountering resistance. After facing selling pressure, TORN retraced to its current level of $10.76, consolidating just below the $12.00 resistance zone. A strong breakout above this resistance could again drive the price toward the $14.00 level.
Tornado Cash Price Eyes $12 Resistance, Support At $9 Faces Test
However, in the event of further downside, the $9.00 to $8.50 range stands as a critical support zone. Losing this support could cause the price to decline to the next significant level, around $7.00.
The Relative Strength Index (RSI) currently reads 56.36, indicating neutral momentum. During the sharp price surge, the RSI entered overbought territory, reflecting strong bullish pressure.
However, the recent pullback has brought the indicator back to a more balanced state. A renewed upward push could see the RSI climb again, signaling the possibility of continued bullish momentum.
TORN’s price action suggests bullish potential, focusing on breaking through the $12.00 resistance level. Maintaining support above $9.00 is crucial to sustaining the uptrend.
Solana Layer 2 Solaxy Heads For $28 Million In Presale
As the Tornado price gears up for another potential rally, investors are piling into Solaxy (SOLX), which has already raised a huge $27.4 million in its presale.
Positioned as Solana’s first-ever Layer 2 scaling solution, Solaxy aims to tackle the network’s congestion issues.
That congestion is being exacerbated by the surging number of SOL-based meme coins, including huge trading volumes for the TRUMP and MELANIA meme coins launched in January.
To address the congestion, Solaxy uses rollups, a scaling technology that processes and bundles transactions off-chain.
Afterward, these bundled transactions are submitted to Solana for final validation and storage.
Solaxy ( $SOLX)- #Solana Layer 2 #memecoin with high staking rewards.
Raised $10M+ in presale, ongoing until March 31, 2025.
Pros:
Aligns with Solana + memecoin trend.
Public security audit.
Decent SMM performance.https://t.co/xHEqmN9z0h pic.twitter.com/XSZxybjBSg— Rayford Nelson (@RayfordN97369) March 13, 2025
This method will reduce network traffic, speed up transactions, and lower fees, making Solana more efficient for developers and users. Beyond scalability, Solaxy offers developers user-friendly tools to launch and improve their projects.
The platform is also bridging the gap between Solana and Ethereum, creating a seamless Web3 ecosystem that combines the strengths of both networks.
By improving interoperability, Solaxy opens up new opportunities for cross-chain applications and decentralized finance (DeFi) projects.
Cypto analyst and YouTuber Jacob Bury, with over 55.7K subscribers, predicts that SOLX could surge 10X once it hits exchanges.
Solaxy also offers investors the chance to earn passive income by staking their SOLX tokens for a huge annual return of 148%. So far, more than 7.7 billion tokens have been staked.
Right now, SOLX tokens are priced at just $0.00167 and can be purchased using cryptocurrency or a bank card through the project’s website.
Interested investors should buy before a price hike in a little more than six hours.
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