It looks perfectly fine and actively growing, nothing to worry about.
I think the issue here is lack of water and potentially fertilisation, which causes roots to shrivel and pushes the plant to recycle water/nutrients from older leaves.
I suggest you to give it a good soak, browse through previous threads to understand basic Phalaenopsis culture, and make a shopping list to repot your orchid when it's done blooming.
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I fertilise my orchids with the ashes of the ones that didn't want to bloom.
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