During the recent 24-hour period, Orchid [OXT] has witnessed a notable increase in its value on the market paired with a surge in trading volume and demand for the asset.
Impressive Surge in Orchid Crypto Trading Volume by 2500%
Based on the analysis by CryptoCrypto on CoinMarketCap, the trading volume of OXT has magnified by a remarkable 2500% within the last day, reaching a total of $547.74 million.
The substantial rise in trading volume indicates a high level of buying and selling activity among traders, pointing towards an escalating interest in the asset and its growing adoption.
This surge is also reflected in the spike of Open Interest. As the trading volume hit a historic high, the Open Interest for OXT saw a significant increase, setting a new all-time high.
According to data from Coinglass, the Open Interest in the last 24 hours has surged by 253.88% to $19 million.
When the surge in trading volume is combined with the spike in Open Interest, it suggests that investors are actively making new positions, primarily leaning towards buying.
Interpreting OXT Price Movements
Amidst this upward trend, OXT has witnessed a substantial increase in value, rising from a low of $0.0768 to a peak of $0.1598. Presently, Orchid is trading at $0.1297 following a 30% increase in daily charts.
Furthermore, the altcoin has demonstrated significant growth on a weekly and monthly basis, with gains of 43.15% and 75.15%, respectively.
The surge in price, accompanied by heightened trading volume and Open Interest, indicates a strong positive sentiment among investors towards the altcoin.
This bullish sentiment is evident through the rise in exchange outflow volume. According to IntoTheBlock, the outflow from exchanges has surged, reaching a peak of $7.1 million.
This suggests that despite the price surge, a large number of investors are transferring their holdings to secure storage solutions like cold wallets or private wallets.
Moreover, there has been a significant increase in the inflow of tokens held by large holders, reaching an annual peak of 255.79 million OXT tokens.
This data indicates active accumulation of the altcoin by major holders, turning the spike in trading volume into a clear indicator of accumulation or buying behavior.
The surge in inflow is complemented by a rising Relative Strength Index (RSI), climbing from 56 to 7.
Barring any unforeseen changes, Orchid crypto appears poised for further upward movement on its price charts, potentially facing notable resistance around $0.17.
However, in case short-term holders begin profit-taking, the price of Orchid could retreat to $0.09.