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The native token of the Ordinals protocol, ORDI, has emerged as the top gainer among the leading 100 cryptocurrencies while a key indicator suggests high volatility for the asset.
ORDI is up by 14% in the past 24 hours and is trading at $70.3 at the time of writing. Following the price surge, the asset’s market cap surged to $1.47 billion, making it the 53rd-largest digital currency.
According to data provided by Santiment, crypto conversations around ORDI declined by 6% on social media over the past 24 hours.
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Data from the market intelligence platform shows that ORDI’s Relative Strength Index (RSI) is currently standing at 67 — recording a notable increase from the 35 mark on Feb. 4.
The indicator suggests that whale manipulation might be in play for ORDI and high volatility is expected until further price movements. For ORDI to stay in the bullish zone, its RSI would need to stay below the 50 mark.
ORDI’s price surge comes as the flagship cryptocurrency, Bitcoin (BTC), surpasses the $50,000 mark.
On the other hand, the total open interest (OI) in ORDI perpetual contracts witnessed a 22% increase in the past 24 hours — surging from $116.8 million to $142.5 million, according to Santiment.
Moreover, the percentage of the ORDI Binance funding rate increased from 0.01% to 0.02%, per Santiment. This shows that the amount of long-position futures contracts slightly increased and traders are betting for a further price surge.
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