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The Orca price went ballistic and surged over 161% in the last 24 hours to trade at $4.12 as of 6:08 a.m. EST as a buying frenzy erupted around the crypto.
The rapid rise in the ORCA price made the token the top trending crypto on CoinGecko.
Orca Price Retraces, Will It Enter Another Leg Up?
1-hour chart for ORCA/USD (Source: GeckoTerminal)
The Orca price has pulled back to a zone between $3.9813 and $4.6036 following a surge in the last couple of hours, GeckoTerminal data shows. This retracement could either be a correction before another bullish move or might be the early stages of a prolonged drop.
Should sellers continue to exert pressure on the Orca price, the crypto might end up dropping below the immediate support level at $3.9813. A breach of this technical safety net could then result in a plunge to the subsequent support at $3.4525 in the following few hours.
However, ORCA entering into another bullish move could lead to the altcoin flipping the resistance level at $4.6036 into a strong support.
Thereafter, the Orca price might have the foundation needed to keep climbing. Traders could subsequently look to push the crypto’s price beyond the next major barrier at $5.2569 in this bullish scenario.
Orca Price Losing The Bullish Technical Strength That Powered The Recent Surge
From a technical standpoint, indicators on the hourly chart show early signs of diminishing buyer strength and weakening bullish momentum. Both the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) warn of a continued correction for the Orca price in the next few hours.
Firstly, RSI readings have dropped from extreme overbought territory at 98 to just above 80. The current reading suggests overextended market conditions and that ORCA’s downside potential is currently greater than its upside potential as well. Traders might take this into consideration and begin shorting ORCA.
Meanwhile, the MACD line has started to drop towards the MACD Signal line in the last couple of hours. The current alignment of the two technical indicators coupled with the narrowing margin between them is often seen as an indication that a crypto’s bullish phase is nearing its end.
Even as the ORCA price surges, traders are buying into the blockbuster presale of Solana layer 2 Solaxy (SOLX).
According to 99Bitcoins, a popular YouTube channel with over 725K subscribers, SOLX has the potential to soar 100X after its launch.
Solana About To Get Its Biggest Upgrade To Date
Solaxy is the first Solana layer-2 scaling project, and aims to reduce the rising congestion levels on the popular network.
In recent months, hype around SOL-based meme coins has skyrocketed, with even the US President launching his own tokens on the popular layer-1 network.
This has resulted in high levels of traffic, transaction failures and other issues.
If something does not change soon, Solana risks suffering another network outage. This is where Solaxy will help. Through its native sidechain and proven scaling technologies, the project will reduce the computational demand the Solana network is battling to keep up with.
To do this, Solaxy will process and bundle SOL transactions on its own chain using rollups. Thereafter, it will submit the batches of transactions to the mainnet for final validation and record keeping.
This approach to transaction processing has been tried and tested within the Ethereum ecosystem through solutions such as Arbitrum and Optimism.
It has also helped the Ethereum network scale to new heights while keeping transaction fees low and processing speeds high.
Solaxy will not only bring this cutting-edge layer-2 technology to Solana, it will also bridge the network with Ethereum. This will unlock a new Web3 infrastructure that combines Ethereum’s security framework and growing DeFi ecosystem with Solana’s speeds and cost-efficiency.
Solaxy Presale Blasts Past $27.3 Million
Investors are betting big on Solaxy’s future during its presale stage, and have already poured more than $27.3 million into the project’s ICO.
Interested investors can get in on this ground level by purchasing SOLX via the buy widget embedded on the project’s website using either crypto or bank card.
Selling for $0.00167, the crypto’s price will undergo a series of presale increases as its ICO progresses.
Investors looking to get the best deal will want to buy before a price hike in a little more than 1 day.
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