Hi, looking at your nice looking plant, I have a few questions -
how do you grow this plant - inside, outside? sunshine, shade? amongst other Orchids? how often do you water?
I think this spike is probably toast, at least I am not familiar with this spike color, but the plant itself looks fine. Now if that were my plant here in NJ, I would take it out of the medium and either pot it up freshly while keeping the pot a lot smaller. Or, since I grow a lot of bare root Orchids, I would think of mounting it. But that translates to more waterings.
It is difficult to see from here, was the medium kept too dry?