WAL launched and immediately attracted significant attention. It surged 288% on day one, then became caught in oscillating consolidation. Behind this price action are actually two competing narratives — on one side, skepticism about the elevated FDV, and on the other, anticipation of long-term developments.

What's interesting is the institutional investor activity. Grayscale has already launched a Walrus trust product, which is essentially a shot in the arm for the market. Now the price is repeatedly testing near institutional funding costs. In the short term, selling pressure is limited, mainly because major institutional token unlocks won't occur until after March 2026.

The next key factor is when genuine catalysts will emerge. First, whether actual data storage on mainnet can see meaningful growth, and second, whether partnerships can be established with more prominent projects (Onefootball already has a collaboration in place). Once these factors materialize, market perception of WAL can truly convert from expectations into valuation. For now, everyone is waiting for this validation moment.