Orderly price has staged a strong rally this week, aided by ongoing demand for perpetual futures tokens and the Upbit listing. The ORDER token rose to a high of $0.4276, up by over 575% from its lowest level this year.
Why Orderly Price is Soaring
Orderly token price went parabolic this week after it was listed by Upbit, the largest South Korean crypto exchange.
This listing explains why the 24-hour volume jumped to $400 million, surpassing its market capitalization of $122 million, with the majority of it coming from the company.
It is common for cryptocurrencies to surge whenever they are listed on Upbit and other major exchanges, as this often leads to more purchases by investors. However, in most cases, these token surges don’t last for long as the listing hype fades.
Orderly price also surged as investors flocked to perpetual DEX tokens following the success of Aster, which has overtaken Hyperliquid to become the largest player in the industry. Aster handled over $80 billion in the last 24 hours and $290 billion in the last 30 days.
Orderly is significantly smaller than Aster and Hyperliquid, but analysts believe that it has more upside to go. Data shows that its weekly volume rose to $4.39 billion last week from $3.5 billion the previous week. Orderly’s monthly volume was $16.5 billion, lower than the previous month’s $23 billion.
The platform is known for its significantly lower fees compared to other networks. For example, it has generated less than $400,000 in fees in the last 30 days despite handling $16 billion. Orderly’s total value has jumped to a record high of $41 million, up from $13 million.
The ongoing surge is happening as investors rush to perpetual futures tokens, which have continued to thrive this month. In addition to Aster, other tokens, such as Avantis (AVNT) and Synthetix (SNX), have jumped sharply in the past few days.
On-chain data shows that whales have increased their positions on ORDER to 5.27 million tokens, while smart money investors hold about 1 million tokens.
ORDER Price Technical Analysis
The daily timeframe chart shows that the ORDER price bottomed at $0.0654 in June and then began to soar. Along the way, the coin has formed a rounded bottom or a cup-and-handle pattern.
It has moved above the upper side of the cup at $0.3767, the upper side of this cup. The cup has a depth of about 83%. Measuring the same distance from the cup’s upper side brings the target to $0.6925, which is much lower than the current level.
