ORDI Token Surges into Top 100

Despite a decrease in social media discussions, ORDI token’s open interest in perpetual contracts has surged, hinting at further price speculation.

Ordinal protocol native token ORDI has risen to the top 100 cryptocurrencies in terms of price appreciation. In contrast, a key indicator indicates that the asset will be highly volatile.

Currently trading at $70.3, ORDI token has increased by 14% over the previous twenty-four hours.

The asset’s market capitalization rose to $1.47 billion after the price surge, positioning it as the 53rd-largest digital currency.

Santiment-provided data indicates that discussion of ORDI-related cryptocurrencies on social media has decreased by 6% over the past twenty-four hours.

Warning Signs of Volatility for ORDI Token

According to data from the market intelligence platform, the Relative Strength Index (RSI) for ORDI token is presently at 67, indicating a significant surge from its value of 35 on February 4.

The indicator implies that ORDI token may be subject to whale manipulation, and the subsequent price fluctuations are anticipated to be marked by high volatility.

For ORDI to remain in the bullish zone, its RSI must stay below 50.

The surge in ORDI’s value coincides with the milestone of Bitcoin (BTC) surpassing $50,000.

Conversely, according to Santiment, the aggregate open interest (OI) in ORDI perpetual contracts experienced a surge of 22% over the previous twenty-four hours, climbing from $116.8 million to $142.5 million.

Furthermore, according to Santiment, the proportion of the ORDI token Binance funding rate rose from 0.01% to 0.02%.

This indicates a marginal increase in the quantity of long-position futures contracts, suggesting that traders are placing bets on an additional surge in price.