KEY TAKEAWAYS
Walrus (WAL) debuted its mainnet on March 27.
The WAL price is approaching its all-time high.
What lies ahead for WAL in the rest of the year?
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Walrus is a decentralized data storage protocol built on the SUI blockchain. It debuted on March 27 and has already entered the 150 largest cryptocurrencies.
WAL was immediately listed on several centralized exchanges such as Bybit, Upbit, Bitget, and even Binance, though some only listed it on their futures platform.
The WAL price fell slightly after launch but has regained its footing since and is nearing its all-time high. Let’s examine the price movement and what lies ahead.
Walrus Airdrop
The maximum supply of WAL will be $5 billion. Roughly 19% has been unlocked, with 4% delivered to the community through the initial Walrus airdrop.
From the maximum supply, 43% will go to the “Community Reserve,” 20% to “Early contributors,” and 10% each to “Mysten Labs,” “Subsidies,” and “Airdrops.” Investors will receive the smallest share, at 7%.
A linear unlock will distribute the rest of the airdrop, ranging from 50 months for “Subsidies” to 8 years for the “Community Reserve.” WAL will reach its maximum supply in March 2033.
WAL Price Movement
The WAL price fell after its all-time high of $0.60 but started another upward movement on March 29.
WAL broke out from an ascending parallel channel in April and validated it as support (green icon) before reclaiming the $0.50 horizontal resistance area.
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The WAL price only faces the $0.60 resistance area before possibly moving to a new all-time high. If it does, the next resistance will be at $0.73.
The 1.61 external Fibonacci retracement of the drop creates this resistance area.
Technical indicators are overbought but do not show any weakness yet since the Relative Strength Index (RSI) and Moving Average Convergence/Divergence (MACD) have not generated any bearish divergence.
Thus, the most likely future outlook is a movement toward $0.60 and possibly a breakout to $0.73.
Successful Walrus Launch
WAL launched successfully with an airdrop and mainnet debut on March 27. As a result, Walrus ranks within the #150 largest cryptocurrencies.
The likely future movement of the WAL price is an increase toward $0.60 and possibly a breakout to $0.74.
