Walrus (WAL) Holds At $0.38 As Support and Resistance Levels Shape Wedge Pattern

Walrus (WAL) trades at $0.3879 after a 12.4% weekly decline, consolidating near its wedge bottom.

Support stands at $0.3765, while resistance at $0.3978 continues to restrict upside momentum.

The wedge structure shows prolonged compression, with traders closely watching for a decisive breakout above $0.40.

Walrus (WAL) on the Sui blockchain is trading near the bottom of its wedge formation, attracting increased market attention. It is currently estimated that WAL is priced at $0.3879, which represents a decrease of 12.4 percent in the last seven days

The token has been trading at a range of $0.3765 to $0.3978 with $0.3765 serving as the immediate support. Meanwhile, a specific point of resistance has become $0.3978. This narrowing band reflects the importance of its existing wedge construction as traders anticipate the next step.

Price Consolidation Within Wedge Formation

The new chart trend shows WAL squeezing between a downward trendline which has been in place since early May. Nevertheless, the token has been able to sustain support at slightly above 0.37% after a long period of pressure. It is important to note that numerous bounces out of this zone testify to high accumulation at the lower levels.

This narrowing price action underscores the importance of wedge boundaries. As the structure tightens, traders expect increased activity once either side breaks decisively. Until then, WAL remains in a phase of consolidation where volume levels and positioning continue to dictate movement.

Key Levels Define Market Focus

The current market range shows clear reference points that traders are monitoring closely. Support remains fixed at $0.3765, which has been tested several times without breakdown. On the other hand, resistance at $0.3978 has capped upward momentum during the past week.

Between these levels, price continues to trade with limited volatility. However, sustained compression near the wedge bottom raises the possibility of a directional move. Market participants are watching closely for whether the token can reclaim the $0.40 mark, which would represent a decisive shift in momentum.

Broader Trend Still Under Pressure

WAL’s broader structure reflects extended downward pressure since May highs. The token previously recorded higher values but has since followed a steady decline into the current range. Even with the recent drop, support has remained intact, preventing deeper breakdowns. Despite the 12.4% weekly loss, the presence of a defined wedge formation signals controlled trading behavior rather than disorderly selling

The token’s resilience at the $0.37 level has added weight to this observation. Importantly, the longer the price compresses near this base, the greater attention it attracts from traders awaiting confirmation. For now, WAL continues to hold above support at $0.3765 while facing resistance near $0.3978. The wedge pattern remains central to short-term outlooks as the token consolidates within a narrow band.