WAL's recent market trend has been oscillating around $0.15, with repeated attempts to break through. The community atmosphere is quite interesting—optimists and cautious investors take turns taking the spotlight, sometimes full of confidence, other times expressing concern.

There are indeed good news. A major exchange recently launched a creator event, offering 300,000 WAL as rewards, which directly boosted trading activity and caused the price to rise by about 15%. The logic behind this is clear—this indicates that mainstream platforms are recognizing the project's ecosystem development. Additionally, traditional financial institutions are starting to pay attention, incorporating Walrus into custody products, which can be seen as a form of credit from the traditional world. While the long-term effects remain to be seen, it at least signifies increasing external recognition.

However, we must also acknowledge the practical resistance. Chart-wise, the range between 0.147 and 0.150 has been repeatedly tested without breakthrough, with multiple attempts to push higher failing. On-chain data is even more straightforward—top ten wallet addresses hold a significant proportion of tokens, which is a red flag in any project. More painfully, despite a staking yield of 49.7% annually attracting funds to lock in, millions of tokens continue to unlock and enter the market daily. This supply pressure is very real.

The key now is to clearly distinguish what constitutes a "story-driven market" and what is genuine "utility." Narratives can temporarily push prices, but in the long run, it depends on whether the project can be implemented and whether it can generate real demand.