Orca (ORCA) Price Soared Past $3 as Network Flips Raydium and a Crucial Network Vote Enters Its Final Stretch

Orca (ORCA) price jumped to a high of $3.4345, marking its highest level since March 22 and double from its lowest point this month.

Orca (ORCA) price rose to a high of $3.4345 on Friday as the network completed a crucial milestone and a network vote entered its final stretch.

Orca (ORCA) price jumped to a high of $3.4345, marking its highest level since March 22 and double from its lowest point this month. The surge pushed its market capitalization to over $160 million, making it less than the 24-hour trading volume, which was at $496 million.

Orca has done well this month because of its performance in the decentralized exchange industry. According to DeFi Llama, the biggest decentralized exchange on the Solana ecosystem. In the past seven days, Orca handled $3.87 billion worth of transactions.

Over the last 30 days, Orca pulled ahead of Raydium, which realized a volume of $10.8 billion. This pushed Orca’s cumulative total to $293 billion.

Its seven-day volume rose by 43% in the last seven days, helped by the recent rebound of some of Solana meme coins. Fartcoin (FARTCOIN) price jumped by 94.7% in the last seven days, while Popcat (POPCAT) soared by 32.6% in the same period. The other top meme coins were Vine and Fartboy.

Meanwhile, ORCA’s price spike was also fueled by an ongoing community vote on a major governance proposal. The proposal includes a token buyback, funding the initial team for two more years, and burning 25% of the token supply. The vote, which closes on April 14, has received over 3.376 million “yes” votes, compared to just 2,513 “no” votes. The planned burn and buyback are expected to offset regular token unlocks.

Orca community, you are amazing! We're now in the final stretch.

Your vote can be the one that seals the future of ORCA staking, rewards & protocol growth.

🗳️ Vote before 10:45am ET April 14https://t.co/YhqaiZpWj4https://t.co/VUmxa83e6a

— Orca (@orca_protocol) April 13, 2023

Orca price technical analysis

The four-hour chart shows that Orca bottomed at $1.733 on April 9 before rebounding to $2.90. This recovery followed a confluence between the upper and lower trendlines of a falling wedge pattern.

The wedge’s widest point measured close to 50%. Applying this distance from the breakout point brings the technical target to $3—a level reached on Friday. Following this breakout, ORCA may now pull back to retest support at $2 before potentially resuming its uptrend.