Upbit Lists ORCA Token, Price Surges 170% as Market Cap Reaches $400 Million

The ORCA token of Solana DEX Orca has seen a significant price surge following Upbit exchange's recent listing.

Solana DeFi protocol Orca’s native token has seen a significant price surge following crypto exchange Upbit’s recent listing.

What Happened: The ORCA price today reached a yearly high of $5.1021 from a mere low of $1.56. This surprising uptrend is primarily driven by South Korean crypto exchange Upbit’s new trading support for ORCA.

On March 21, Upbit confirmed the listing of Orca’s native token, ORCA, paired with KRW, BTC, and USDT on the Solana network, with trading set to begin at 17:00 KST.

The critical announcement from Upbit brought about a surge in the ORCA price, ultimately pushing the token to a new yearly high.

Announcing support for ORCA, Upbit will open deposits and withdrawals for the token at 15:00 KST, while trading is set to commence at 16:00 KST.

However, Upbit has implemented certain restrictions to ensure a stable market. For instance, Upbit will restrict buy orders for ORCA for the initial five minutes.

Afterward, all orders, except limit orders, will be restricted for one hour. Additionally, sell order prices will be capped at 10% less than the previous day’s closing price.

The ORCA price has been on a downtrend since December 6 when it hit a high of $8.70.

Also Read: How To Invest In Solana (SOL)

ORCA Price's Future Trends: Expert Insights

At press time, ORCA is valued at $4.21, marking a significant uptick of 166.19% in a day. The token has also seen notable hikes of 172% and 114% over the past week and month, respectively.

This positive trend is further reflected in the staggering 4676% increase in trading volume, which currently stands at $355.7 million, indicating an optimistic investor sentiment.

According to analysts’ ORCA price prediction, the token is expected to have a potential pullback as the RSI suggests that the token is currently overbought.

For analyst gemxbt, $3.50 serves as the critical support level, while $4.50 acts as the crucial resistance level for the token price.

Though ORCA has broken out of a period of consolidation, it is poised for potential corrections.