Orion protocol has been among my major long term holdings. They are a Layer-2 solution aimed at providing a single platform for swapping/trading cryptos, staking and the biggest of all - aggregating liquidity across platforms. They are launching their Orion Pool on June 22. The aim is to have liquidity from CEXs like Binance, Kucoin available on Orion Pool besides that of AMMs like Pancakeswap, Uniswap. The opportunity for arbitrage will be interesting for traders. The staking rewards for $ORN is also looking good as per their announcement. This could develop as a serious contender for passive income.
The token of the Protocol is $ORN. $ORN had a initial issue price of $0.10 which was a year ago. At the start of Bull market in November-December 2020, the price was like $3 and from there it saw a steady growth and it reached north of $25+ couple of months back.
The main driver was the anticipation of them launching Orion Terminal. After the launch of Orion Terminal, some whales dumped it and sent the price to $10. After the BTC correction in May, it has taken further hit to the price. The total supply of $ORN is 100 Million and current circulating supply is 28 Million.
Looking at the $ORN charts, the price has recovered from the lows in May. Yesterday in particular showed a strong price action, given BTC was declining.
The latest 4h chart shows a bull flag and I expect it to give a breakout from there.
The $ORN-$BTC pair is also looking strong. Going by the previous trends, we could expect a good run for the token in the coming week, upto the launch of Orion Pool. After that, it remains to be seen what happens in the short run, but in the long run, they have very exciting potential.
NB: The above is not financial advice. Only shared for informational purposes.
