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- 1 A major token holder proposed to shift wallets and contracts to the DAO.
- 2 ORCA coin has made a growth of 1,800% since its YTD low.
- 3 The coin showed growth after being a part of the booming Solana ecosystem.
Orca is a decentralized exchange (DEX) that functions as an Automated Market Maker (AMM) built on the Solana blockchain. Orca was one of the first AMMs launched on the Proof of Stake (PoS) platform, exploiting Solana’s quick transactions and low-fee features. The exchange offers an intuitive interface for users to exchange cryptocurrencies on Solana.
Orca pays attention to user feedback and updates its protocol accordingly, creating an intuitive DEX that provides a simple yet powerful experience for both novice and experienced traders. The native cryptocurrency of the Orca decentralized exchange is the governance token ORCA, which is linked to the trading activity of the DEX.
The Growth of ORCA
There are a few highly active tokens on Orca that include Wrapped Solana, Bonk, and Marinade Staked SOL. Both Solana and Bonk have been performing exceptionally well this year, with Solana surging from under $9 to almost $70 and Bonk skyrocketing to a record high of $0.0000065.
Recently, a proposal was made by a major token holder to shift key treasury wallets and smart contracts to the DAO, which is a significant step towards Orca’s decentralization process. All the votes so far have been in favor of this move, which has boosted the confidence of long-term investors in the coin.
Orca allows users to swap tokens and earn a share of trading fees through its trading pools, known as aquafarms. This platform’s interface includes a Fair Price Indicator, a user-friendly Magic Bar, and a unique panel that displays user balances without the need for a separate browser extension.
Prediction of the ORCA Coin Price
The ORCA coin price has surged to an all-time high of $8.4, which is over 1,800% above its lowest point this year. This surge made it one of the best-performing cryptocurrencies on the last Friday.
As per the current scenario, the ORCA bulls showed a minor correction after touching the level of $8.1. This level is its immediate resistance, while the 2nd resistance is at $10.0. However, the support levels are way down, at $2.53 and $1.48. The 50-day EMA is also significantly below the current price levels, which indicates a minor correction is again possible.
The main reason for the surge is that it is part of the booming Solana ecosystem. Solana’s SOL showed a growth of 900% from its lowest point in 2022 as its ecosystem expanded. This jump has helped the FTX Estate, which still holds vast tokens.
Conclusion
Orca is a Solana-based DEX that uses AMM technology. It lets users trade tokens and earn a portion of fees through its aquafarms. The ORCA token has seen a significant surge, with its price hitting an all-time high of $8.4, up over 1,800% from its lowest point this year, making it one of the top-performing cryptocurrencies.
Technical Levels
- Support Levels: $2.53 and $1.48.
- Resistance Levels: $8.04 and $10.00
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading in stocks, cryptos or related indexes comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.