$WAL This move is backed by real money, not a hollow pump.
Up 60% in 24 hours, currently around 0.0615, and just hit a new high of 0.0623. Spot trading volume has surged to nearly $30 million. The catalyst is solid too: on October 13, the Sui Foundation acquired DATA Network for $30 million, and Walrus was designated the default layer for AI data storage. Four-hour trading volume exploded from a few million tokens to around 400 million, with price and volume moving together.
But let me pour some cold water on this: $WAL perpetual funding rates are already at −0.42%, with shorts packed in like sardines. Rather than showing just how strong the bulls are, this move looks more like shorts getting liquidated one by one. Short squeezes can rise irrationally, and when they fizzle out, they can fall just as irrationally—chasing longs at this level no longer offers a favorable risk-reward.
My take: I wouldn’t call the top too early while the main uptrend is still intact, but this is only suitable for buying dips. Don’t chase at the current price. If the 4-hour candle closes back below 0.048, treat this move as having topped out—the thesis is invalidated.
With so many shorts trapped, how much higher do you think this squeeze can go? Let’s discuss in the comments. Manage your own position size and stop-loss; don’t gamble with your living expenses on a narrative.
$WAL $SUI #Walrus #SUI生态 #ShortSqueeze
Up 60% in 24 hours, currently around 0.0615, and just hit a new high of 0.0623. Spot trading volume has surged to nearly $30 million. The catalyst is solid too: on October 13, the Sui Foundation acquired DATA Network for $30 million, and Walrus was designated the default layer for AI data storage. Four-hour trading volume exploded from a few million tokens to around 400 million, with price and volume moving together.
But let me pour some cold water on this: $WAL perpetual funding rates are already at −0.42%, with shorts packed in like sardines. Rather than showing just how strong the bulls are, this move looks more like shorts getting liquidated one by one. Short squeezes can rise irrationally, and when they fizzle out, they can fall just as irrationally—chasing longs at this level no longer offers a favorable risk-reward.
My take: I wouldn’t call the top too early while the main uptrend is still intact, but this is only suitable for buying dips. Don’t chase at the current price. If the 4-hour candle closes back below 0.048, treat this move as having topped out—the thesis is invalidated.
With so many shorts trapped, how much higher do you think this squeeze can go? Let’s discuss in the comments. Manage your own position size and stop-loss; don’t gamble with your living expenses on a narrative.
$WAL $SUI #Walrus #SUI生态 #ShortSqueeze