$WAL Tracking Update | Breaks Above Previous High on Heavy Volume; Short Squeeze Not Over
Since my post at 1 a.m., WAL hasn’t looked back: spot just hit a new high of 0.06395 and is now around 0.0635, with its 24-hour gain widening to about +68%. The key is volume—the 1-hour candle at midnight saw about 73.8 million tokens traded, the largest of this run. It broke above the previous high of 0.0623 on heavy volume, not on a low-volume spike.
Why is it rising? It’s still the same old catalyst: on October 13, the Sui Foundation acquired DATA Network for $30 million, and Walrus was designated as the default storage layer. I haven’t found any new news in the past hour, so don’t mistake the ongoing move for another fresh catalyst.
What really needs watching is the derivatives market: perpetual funding rates are now around -0.48%, even more negative than at 1 a.m., while perpetuals are trading at about a 2% discount to the spot index. Shorts are still piling in, and the short-squeeze setup remains intact. In this kind of setup, the rally can be very sharp—but once shorts stop capitulating and covering, if spot buying can’t keep up, the pullback can be just as sharp.
My take: continued strength is confirmed, but that doesn’t mean this is a good place to chase. The invalidation levels remain the same: treat it as a top if the 4-hour candle closes back below 0.048; in the short term, if the 1-hour candle closes back below 0.059, assume momentum is weakening for now. If you’re in a position, watch price action and volume. If you’re not, I’d rather wait for a pullback than catch the last leg with funding at -0.48%.
Risk warning: Small-cap altcoins are extremely volatile. This is only my personal tracking log and is not investment advice.
What do you think—how much higher can this short squeeze go, or are we already at the tail end?
#WAL #Walrus #Sui #山寨币 #Perpetuals
Since my post at 1 a.m., WAL hasn’t looked back: spot just hit a new high of 0.06395 and is now around 0.0635, with its 24-hour gain widening to about +68%. The key is volume—the 1-hour candle at midnight saw about 73.8 million tokens traded, the largest of this run. It broke above the previous high of 0.0623 on heavy volume, not on a low-volume spike.
Why is it rising? It’s still the same old catalyst: on October 13, the Sui Foundation acquired DATA Network for $30 million, and Walrus was designated as the default storage layer. I haven’t found any new news in the past hour, so don’t mistake the ongoing move for another fresh catalyst.
What really needs watching is the derivatives market: perpetual funding rates are now around -0.48%, even more negative than at 1 a.m., while perpetuals are trading at about a 2% discount to the spot index. Shorts are still piling in, and the short-squeeze setup remains intact. In this kind of setup, the rally can be very sharp—but once shorts stop capitulating and covering, if spot buying can’t keep up, the pullback can be just as sharp.
My take: continued strength is confirmed, but that doesn’t mean this is a good place to chase. The invalidation levels remain the same: treat it as a top if the 4-hour candle closes back below 0.048; in the short term, if the 1-hour candle closes back below 0.059, assume momentum is weakening for now. If you’re in a position, watch price action and volume. If you’re not, I’d rather wait for a pullback than catch the last leg with funding at -0.48%.
Risk warning: Small-cap altcoins are extremely volatile. This is only my personal tracking log and is not investment advice.
What do you think—how much higher can this short squeeze go, or are we already at the tail end?
#WAL #Walrus #Sui #山寨币 #Perpetuals