- Tornado Cash (TORN) gains strong momentum as bullish pressure and investor optimism fuel the token’s ongoing rally.
- Whales accumulate $95K worth of TORN, signaling growing confidence and preparation for a major breakout.
- Analyst sets $370.66 target, hinting at a massive 1,900% upside if bullish momentum continues.
Tornado Cash (TORN) is attracting strong interest as both purchasing activity and market sentiment continue to grow. A major investor recently expanded their holdings, fueling optimism across the crypto space. Many now believe the token could be preparing for another large-scale breakout phase.
At press time, TORN is trading at $17.17, a stunning rise of 21.75% within the last 24 hours. The market capitalization of the token for 24 hours is $6.07 million, with the market capitalization touching $90.32 million, a sign indicating growing investor confidence.
Whales Load Up $95,000 Worth of TORN
According to recent updates given by OnChain Zoom, a crypto whale has steadily been accumulating TORN. The holding of around $2.6 million wholesale has steadily deposited $95,000 worth of TORN over the last few hours using a TWAP (Time-Weighted Average Price) strategy.
This relentless purchasing pressure from a key holder has generated interest across the realm, implying restored confidence in the long-term prospects of the token.
TORN Momentum Builds Toward 20X Gains
Moreover, crypto analyst Javon Marks also noted the fantastic performance of the token since his previous analysis. As he said, TORN has already appreciated more than 460%, which is a phenomenal pace that might still have a considerable distance to go. According to Marks, the crypto might be primed for yet another overwhelming breakthrough phase, which should have a lofty target at $370.66.
If the token is successful for this target, it would be a staggering 1,900% upside, a 20 times jump from here. This type of movement would put the token amongst the highest-performing currencies in the altcoin market, at least if whale activity and interest keep increasing.
With increasing on-chain activity, robust tech clues, and fresh market interest, the recent upward explosion of the token might be a preview of a much bigger ride upwards. Everyone waits to see if the pace stretches the cryptocurrency closer towards its ambitious $370.66 goal over the next few weeks.
Also Read | Worldcoin (WLD) Eyes $2.23 Target After Bullish Breakout and Market Momentum
Market Shows Strong Bullish Confidence
The market sentiment is that 83% of the voting public are still bullish, with strong confidence in support for the direction of the market trend. This high confidence reflects increasing investor optimism, as well as trend-supporting expectations for trends going upward.
At the same time, only 17% of respondents are bears, which reflects moderate concern for losses. As a whole, the community is very bullish on the market’s short-term trend.
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