WAL Token Drops 18% in 24 Hours: Bearish Pressure or Double Bottom Forming?

WAL token, recently listed on Bitrue, has caught the attention of traders with a volatile 24-hour performance,  plunging 18.35% in just one day. 

While some investors are calling it a sign of heavy sell pressure, others believe this could be the setup for a double bottom pattern before a reversal.

Despite the bearish short-term price action, trading activity remains strong, and the fundamentals indicate continued interest. Let’s take a closer look at what the data says and what may lie ahead for WAL holders.

WAL’s Price Action Looks Bearish But With a Twist

According to GeckoTerminal, the WAL/SUI pair is currently trading at $0.4196, down 18.35% over the past 24 hours. 

This marks one of the steeper daily declines since the token’s public debut just 10 days ago. Liquidity currently sits at $3.87 million, and daily trading volume has surged to $19.42 million, showing that market activity remains elevated despite the price correction.

In the shorter timeframes:

• The token is up 1.05% over the last 5 minutes,  a micro bounce
• Down 0.67% over the last hour
• Down 1.98% over the last 6 hours

The broader 24-hour decline paints a bearish picture, but the consistent volume and micro-bounces could suggest something else brewing. 

Over 17,000 transactions have occurred in the past day, nearly evenly split between 8,114 buys and 8,909 sells. This balanced activity hints that a large share of traders are still actively buying dips.

Technically speaking, this current price range could represent a double bottom formation,  a classic reversal signal where prices test a low twice before rebounding higher. If this plays out, WAL could be prepping for a new leg up once bearish momentum exhausts.

Read more: Walrus Protocol Airdrop: How to Earn Free $WAL Tokens

Trading Sentiment Is Cautious but Not Panicked

Looking deeper into market sentiment, the price drop doesn’t appear to be driven by panic. The holder count is still increasing, now reaching 52.3K holders, which is impressive for a token just 10 days old. 

Additionally, the project’s fully diluted valuation (FDV) is at $2.09 billion, while its current market cap sits at $521.86 million ,  showing that there’s still significant valuation potential if investor confidence returns.

This kind of steep but short-term correction isn’t unusual for newly listed tokens, especially meme-inspired or community-led projects like WAL. Early traders may be taking profits, leading to sell pressure. 

However, if the token manages to hold the current zone and reclaims $0.45 with volume, a rally could quickly return.

Also worth noting is that liquidity remains healthy. A $3.87 million pool provides decent depth for buyers and sellers alike. The ratio of buys to sells, while slightly favouring sellers, is still close,  which means there's still significant buy-side interest at lower price levels.

Bitrue Listing Boosts Visibility and Accessibility

WAL's listing on Bitrue marks a significant step forward in terms of exposure. Bitrue is one of the most accessible and reliable centralised exchanges for both beginners and experienced traders. 

With the WAL/USDT pair now live, users no longer need to interact with decentralised platforms or manage SUI-native wallets just to buy or sell WAL.

For traders looking to avoid the complexity of bonding curves or unfamiliar DeFi tools, Bitrue offers a streamlined trading experience with proper UI and 24/7 support. 

Bitrue’s growing Solana and SUI ecosystem support, listing WAL was a strategic move to cater to meme coin traders and altcoin hunters.

If you're new to trading or unsure how to interact with on-chain tools like GeckoTerminal or SUI wallets, Bitrue provides an easy alternative. You can simply register, deposit funds, and start trading WAL instantly, with no technical barriers involved.

The listing itself helped generate buzz for WAL, and while the price has corrected post-hype, many believe that the visibility gained from Bitrue could pave the way for longer-term growth as more traders discover the token.

Read more: What is Walrus? 

Conclusion

WAL is going through its first real price test. After an explosive early run, the token is now experiencing a significant correction, dropping over 18% in the past day. 

But with strong liquidity, a rising holder count, and steady buy-side activity, this may not be the end,  rather, the beginning of a consolidation phase.

From a technical standpoint, the formation of a potential double bottom suggests a bounce could be on the horizon if the token holds its current support zone. And with the token now live on Bitrue, accessibility is no longer a hurdle for retail traders looking to join the action.

If you're still learning how to safely trade new altcoins like WAL, Bitrue is one of the most trusted platforms to start your journey. Whether you're buying the dip or just watching the charts, the next few days could be critical in determining where WAL heads next.

Frequently Asked Questions

What caused WAL’s price to drop over 18% today?
The decline appears to be driven by early traders taking profit after the token’s recent listing. However, strong volume and a rising holder base suggest market interest remains.

Is a double bottom forming on WAL’s chart?
Yes, based on price behaviour and short-term support, a double-bottom pattern could be forming. If it is confirmed, it may signal a bullish reversal in the near term.

Where can I trade WAL easily without using DeFi tools?
You can trade WAL on Bitrue, a beginner-friendly exchange offering fast access to memecoins and altcoins without the need for on-chain wallets or decentralised platforms.

Investor Caution 

While the crypto hype has been exciting, remember that the crypto space can be volatile. Always conduct your research, assess your risk tolerance, and consider the long-term potential of any investment.

Bitrue Official Website:

Website: https://www.bitrue.com/

Sign Up: https://www.bitrue.com/user/register

Disclaimer: The views expressed belong exclusively to the author and do not reflect the views of this platform. This platform and its affiliates disclaim any responsibility for the accuracy or suitability of the information provided. It is for informational purposes only and not intended as financial or investment advice.