Chiming in late to the party, Jai. Sorry I was on vacation.
I always let my Phals grow in their natural fashion which is with the leaves and spikes cascading downward. The spikes and stems are very strong. I really don't think you have any worries about it breaking the plant. But it might pull the plant out of the pot if it's not anchored well. The roots do attach to the pot very firmly also, but say if you had recently re-potted it and the roots weren't attached yet, it might uproot. In that case you would want to tie some string or thin twine over the crown of the plant to keep it in there.
The nicest Phals I've seen have been in that cascading form, not standing straight up. I think that commercial growers do that so they can pack more plants in a box, for shipping. In my opinion a Phal hanging in a pot or basket, or mounted on a tree or piece of cork is so much prettier than one standing up.
Yours is beautiful, and I'd take that problem any day. I even like that color combo, but I am nuts about yellow flowers in general. Here are a couple of mine, spilling out of their pots.