Orca price technical analysis | Orca price goes vertical as crucial vote enters final stretch

 On Friday, the Orca token experienced a significant increase as the network surpassed Raydium, coinciding with the final stages of an important governance vote.

The price of Orca (ORCA) surged to a peak of $3.4345, reaching its highest point since March 22 and doubling from its lowest value earlier this month. This increase elevated its market capitalization to over $160 million, which remains considerably lower than its nearly $500 million trading volume within a 24-hour period.

Orca's strong performance this month can be attributed to its success in the decentralized exchange sector. As reported by DeFi Llama, the platform facilitated transactions worth $3.87 billion in the past week, establishing itself as the leading DEX network within the Solana ecosystem.

In the last 30 days, Orca processed a total volume of $11.2 billion, surpassing Raydium's $10.8 billion. This achievement brought Orca's cumulative transaction total to $293 billion.

The seven-day trading volume has increased by 43% recently, bolstered by the resurgence of several Solana meme coins. Notably, Fartcoin has seen a remarkable price increase of 94.7% over the past week, while Popcat has risen by 32.6%. Other prominent meme coins include Vine and Fartboy.

Additionally, the recent price surge of ORCA was driven by an active community vote regarding a significant governance proposal. This proposal encompasses a token buyback, funding for the initial team for an additional two years, and the burning of 25% of the token supply. The voting period, which concludes on April 14, has garnered over 3.376 million affirmative votes, in contrast to just 2,513 opposing votes. The anticipated burn and buyback are expected to mitigate the effects of regular token unlocks.

Orca price technical analysis

The four-hour chart indicates that Orca reached a low of $1.733 on April 9, subsequently rising to $2.90. This increase occurred after a convergence of the upper and lower trendlines within a falling wedge pattern.

The widest section of the wedge was approximately 50%. By measuring this distance from the breakout point, the technical target is set at $3, a level that was achieved on Friday. After this breakout, ORCA might experience a pullback to test support at $2 before possibly continuing its upward trend.