ORCA, a DEX based on the Solana blockchain Network, noted a massive recuperation from the low mark of $1.350 and lifted over 100% this week.
Fueled by the sharp volume surge, it gained momentum and recorded a falling channel breakout. Near the bottom mark of $1.50, a solid bullish engulfing candlestick was made, and the token price crossed multiple clusters in a single go.
Recent upliftment has boosted the investors’ confidence to make fresh positions in ORCA, resulting in a sharp jump of over 200% in the trading volume in the last 48 hours.
Notably, the price unfolded a massive recovery and crossed the 200-day EMA cluster this week. Once the token decisively closes above the $3 mark, it could soon sprint the bullish rally ahead and spread its next bullish leg toward the $5 mark.
How is ORCA Price Performing Now?
At press time, the ORCA token was trading at $2.90 with an intraday surge of 12.36%, reflecting bullish momentum on the chart. Its trading volume soared over 121.20% to $4.08 Million in the last 24 hours.
The pair of ORCA/BTC was at 0.0000432 BTC, and its market cap was $151.68 Million. Analysts have guided a bullish outlook and suggested the ORCA price may exceed the bullish wave and sprint the rally ahead.
ORCA’s Technical Parameters Look Positive
The Daily Chart of the ORCA token signified a breakout of the falling channel and guided a strong bullish momentum. It climbed beyond the key EMAs and unfolded a sharp recovery from the bottom.
Amidst this massive surge, the sellers looked trapped and stayed on the back foot. They seemed busy in securing their gains.
The Relative Strength curve reached the upper edge of the overbought zone. It had a reading of 75, signifying a possibility of profit booking in the upcoming sessions.
Meanwhile, the sustained buying pressure was spotted, giving a solid conviction that the uptrend would continue.
@Anatar tweeted that it has flipped from its support zone, and compression could be seen ahead.
What Do On-Chain Metrics Suggest?
The Weighted Sentiment data observed flattish moves and hovered close to the midline region, pointing to a neutral sentiment among the investors.
Meanwhile, the social dominance data noted a speculative move and reverted from the top by 0.021%, implying a drop in the users’ discussions on social media platforms.
Similarly, the development activity data noted minimal fluctuations and was around the 3.10 mark, guiding flattish growth aspects in the ecosystem.
Amidst the significant price upmove, the on-chain metrics still directed the flat moves and guided no significant changes in the past few weeks.
Futures Open Interest Data Show a Rise
Following the impressive price rise, the open interest data spiked over 31.44% to $2.26 Million, noting a long buildup activity in the last 24 hours.
If the ORCA token price fails to cross the $3 mark, it might reach its immediate support levels of $2.50 and $2. However, the key upside hurdles are around $3.20 and $3.80 if the price succeeds in sprinting beyond.
Until the token crosses the $3.20 on a closing basis, the ORCA token could see a possible profit booking and can retest its 20-day EMA support zone. The signs of trend reversal and a breakout were visible, but a meaningful higher low formation was due before the next bullish leg.
