$WAL The previous two posts left two open questions: Could the funding rate keep moving back toward zero, and could price get above 0.05589? This round brought progress on both fronts.

The funding-rate side moved first: the rate rose from -0.78% to -0.39%, then tightened further to -0.30% this round. All three readings have moved steadily toward zero, narrowing the gap by about 60%; however, the rate remains negative and has not crossed into positive territory. The tug-of-war seen in the first post—with price pushing up while funding didn’t follow—has eased on one side. This convergence trend has continued from the first post to now without a break.

Price didn’t lag: this 4-hour candle opened at 0.05547, then cleared the 0.05589 level that had been in focus over the previous two posts—all within the same candle—and climbed as high as 0.06428. The current price is 0.06032, about 6% off the high. The lows have also moved up: the 0.0496 floor from the previous post was never tested during the candle, whose low was 0.05547. The 0.05589 level was the high of the preceding 4-hour candle and had been watched for two posts; this time, price broke upward, effectively lifting the entire structure up a notch. 24-hour trading volume is about 36.58 million USDT, roughly 30% higher than at the time of the previous post, and has grown steadily over all three rounds.

However, the momentum didn’t carry through to the finish: down 0.58% over the past hour. The steady upward push seen late in the previous post has eased this time around, with price stalling below a new high; volume is still expanding, and that combination alone is worth watching for another candle.

Two levels will help confirm what happens next: a move back above 0.06428 and a hold there would be needed for momentum to kick up another gear; a close below this four-hour low of 0.05547 would open the door to another leg lower in the pullback. The next funding rate settlement is at 08:00 Taipei time: if the reading continues moving toward zero, that would further confirm easing cost pressures; if it sinks deeper into negative territory, this round of convergence will have been only temporary.

Keep the downside scenario in mind too: a market that has moved 57% in a day is naturally prone to big swings; after a new high, an equally sharp pullback could happen at any time. It’s still unclear whether this pause is a breather midway through the move or a sign that momentum is starting to fade. Whether the new high holds will say more than this hour’s price action; the market hasn’t truly picked a direction yet.

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