Orvar is considered one of the best new commanders in Kaldheim, which is the main reason for its initial high price. It doesn't seem to fit any other format and will be determined by its success in both competitive and casual EDH.
The only other card that could be compared to Orvar is Riku of Two Reflections from Double Masters. It has a similar effect and application in commander. It also started at $15 per card, and then slowly dwindled to $7 a piece.
We may assume a similar pattern for Orvar, unless it breaks new unexpected ground in other formats.