Today, crypto markets experienced moderate bearish pressure as the Bitcoin price dropped to $83,000. However, not all tokens declined, with some showing impressive results. The Orca crypto token was the top performer among the top 200 tokens, more than doubling in value.
The native token of a Solana-based decentralized exchange, Orca, has shown impressive performance today. On Friday, March 21, the Orca coin rose by 175%, reaching a high of $5.17, before stabilizing at $3.31. This brought it to 195th among all crypto assets, reaching a market cap of $181.63 million.
There are several reasons for Orca’s growth, including recent exchange listing news. South Korean exchange Upbit announced new trading pairs for Orca, with KRW (South Korean Won), BTC, and USDT. This enables more traders to buy Orca’s native token, increasing demand.
What’s Next for Orca?
The significant price increase surprised many traders, as evidenced by discussions on social media. Traders talked about the sudden moves, asking how the listing news could have prompted such a rise. One trader suggested that Upbit was a strong catalyst for retail trading due to the popularity of cryptocurrency in South Korea.
Still, some traders advise caution, noting the token has been clearly overbought at its high of $5.17. Even at the current price of $3.22, the relative strength index stands at 77, indicating overbought conditions. Still, other indicators suggest that the token may continue its rally in the near future.
In fact, it appears that the Orca price is now entering a consolidation phase. The next resistance is at the $3.3 level; breaking it could position the token to retest the $5 level. At the same time, the 20-week exponential moving average at $3.17 will provide support for the token.
Traders hold mixed views on Orca’s long-term potential. Its DEX is the tenth-biggest protocol on Solana in terms of total value locked (TVL), which stands at $243.32 million. For this reason, it benefits from memecoin trading, which has seen a comeback in recent weeks. However, others remain cautious to buy the token at its current inflated price.
READ MORE: Five Crypto Airdrops to Keep on Your Radar
