In the past month, WAL rebounded 30 points from its lows, but then experienced a pullback. Behind this market movement are both positive signals and hidden concerns.

The positive side is clear— the project recently secured $140 million in new financing and has partnered with AI technology company Zark Lab. These fundamental signals are indeed promising. However, in the long term, the real usage data of the network will be the key to determining the project's value, including whether hard indicators like storage capacity growth and active node count can continue to rise.

What requires more caution is the hidden risk within the token economy. WAL has a total supply of 5 billion tokens, but only 1.25 billion are currently in circulation, accounting for just 25%. In other words, 75% of the tokens are still sitting in wallets waiting to be released. Each large-scale unlock could trigger a wave of sell-offs, which is the biggest risk factor affecting the short- to medium-term price trend.

From a track perspective, WAL is positioned in decentralized storage, serving AI and real asset data. This direction itself has potential. However, it is backed by the Sui Network ecosystem, which is still in its early stages, and it also faces some well-established competitors. These practical factors are also evident.