That's correct. It needs more water or stated a little differently, it's not taking up enough water. This could be because you don't water it enough or it could be because you water it too much. Let me explain.
If you consistently overwater an orchid, you will destroy its' root system. Then, the plant can't take up any water because it has no roots.
I would sneak a peak at the roots. If they're okay, you need to water it more often. If they're not okay, you need to repot the plant, increase the humidity and grow some roots.
What you describe is a common problem in Oncidiums, Odontoglossums and Miltonias etc.
Carl
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