While the cryptocurrency market exhibited a sideways trend, ORCA, the native asset of the Solana-based decentralized exchange Orca, recorded one of the most notable gains of the day.
ORCA’s price surged by over 23% in the last 24 hours, reaching approximately $2.48. Trading volume exceeding its normal level by 12 times has raised expectations that this move may be more than just a temporary, low-volume jump.
One of the most significant developments behind the surge was a governance proposal aimed at more directly channeling protocol revenues to ORCA holders. The proposed system aims to increase demand for ORCA through staking rewards, buybacks, and a potential “fee switch” mechanism.
However, indicators suggest that risk is increasing in the short term. ORCA’s RSI rising above 80 indicates that the altcoin is in the overbought region.
*This is not investment advice.
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