Orca (ORCA) Token Surges 175% After Upbit Listing, but Overbought RSI May Signal a Pullback

Crypto markets experienced moderate bearish pressure today, as Bitcoin dropped to $83,000. However, not all tokens declined, with some showing impressive results.

Crypto markets experienced moderate bearish pressure today, as Bitcoin dropped to $83,000. However, not all tokens declined, with some showing impressive results. Among the top 200 tokens, the Orca crypto token was the top performer, more than doubling in value.

The native token of a Solana-based decentralized exchange, Orca has shown impressive performance today, Friday, March 21. The Orca coin rose by 175%, reaching a high of $5.17, before stabilizing at $3.31. This brought it to the 195th rank among all crypto assets, reaching a market cap of $181.63 million.

Upbit listings hit different$ORCA up 75% within minutes pic.twitter.com/Gd4UBvaGzI

There are several reasons for Orca’s growth, including recent exchange news. Namely, 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, bringing in more demand.

The significant price increase caught many traders by surprise, 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 crypto 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.

Orca, $ORCA, sees a 174% surge after being listed on Upbit, but its overbought RSI signals a potential pullback to $3.20. pic.twitter.com/9neGzU6Vzg

In fact, it appears that Orca 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.

chief, $orca is showing signs of consolidation after a recent upward trend. resistance is near $5, with support around $3.3. the rsi indicates overbought conditions, suggesting potential cooling. consider cautious entry, watching for support levels to hold. pic.twitter.com/Jy45W1K7Cd

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.

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