The Walrus Protocol ($WAL) has seen a sharp decline today, dropping toward the $0.092 level as bearish momentum takes hold. For many holders, the "red arrow" on the chart is a cause for concern, but a look under the hood reveals a combination of technical exhaustion and market-wide jitters.
The Technical Trigger
Technically, WAL was "squeezed" between a descending SuperTrend and a thinning support floor. Once the $0.093 level failed to hold, stop-loss orders were triggered, accelerating the slide. On the 1-hour chart, the Relative Strength Index (RSI) is approaching oversold territory, but without a significant "bullish engulfing" candle, the path of least resistance remains down.
The "Supply" Problem
The elephant in the room for WAL is its supply schedule. With millions of tokens entering the market monthly via linear unlocks, the protocol needs constant "new blood" and buy-pressure to maintain price stability. In a market currently dominated by "Extreme Fear," that buy-pressure has dried up, leaving the price vulnerable to even moderate sell orders.
The Silver Lining
Despite the price action, the protocol's fundamentals remain active. Recent enterprise-level migrations suggest that the decentralized storage tech is working. For long-term believers, these "dumps" often represent a re-accumulation phase, but for short-term traders, caution is advised until the price stabilizes above the $0.097 resistance.#walrus @Walrus 🦭/acc