You must have the wrong tag on that one, 'cause that isn't a phalaenopsis. Looks like something in the oncidium family to me.

Wrinkly bulbs like that means that it isn't getting enough water, true. This does NOT mean you should water/mist it more. Usually it means that the roots are rotting/rotted. Unless you totally forgot to water it, I would unpot it and check out the root situation.