It's normal for the old bulb to wrinkle a bit as the new growths grow, they take some of the energy they need from it. My Lava Burst is doing the same now, but I increased the length of time it soaks everyday (mine is mounted)
One comment though, your plant is WAY overpotted! Orchids like to be snug in their pots, and you want to choose a pot size that is slightly bigger than the rootball. Seeing the size of the plant, I would guess that yours would fit in a 10cm pot, maybe 8cm.
__________________ Camille
Completely orchid obsessed and loving every minute of it....
Camille is right. It is way over potted. At most only give enough room in the pot for 2 years growth. It is very easy to rot the roots when they are over potted like this.
Thanks feel better now....
This just shows how small he is, cause he is in a 9cm pot,
Will have to try and find 5cm. I think that's as small as pots get.
That's why I was concerned that the little guy had flowered already.
Hopefully repotting will help him along.