I've been watching WAL's trend these days, and that uneasy feeling in my heart is becoming more and more obvious. From May's 0.76 all the way down to 0.13 now, a -82.5% decline, it's not just a number; it makes me start to ask myself—where did that initial confidence come from, and how was it shattered?

The technical aspect has completely deteriorated. The daily RSI is still struggling at a neutral 43.43, but when looking at the 4-hour chart, the RSI drops straight into the oversold zone at 30.01. The MACD histogram is even worse, stuck at a negative value of -0.00144, with the bears' momentum frighteningly strong. The most brutal part is that the price is being held down by all key moving averages—EMA12, EMA26, SMA50 stacking into an invisible ceiling, preventing any upward movement.

The performance of open interest best reflects market sentiment. Over the past 24 hours, it has evaporated by 9.44%, now only remaining at 9.35 million, indicating a rapid collapse of market confidence. Interestingly, the funding rate on a certain major exchange is somewhat telling—-0.0186% means shorts are paying longs, which should be a bullish signal. But the question is— is this a prelude to a reversal, or the last desperate struggle of the bulls?

Now I am increasingly unable to understand: those beautiful AI narratives, in the face of real selling pressure, are they still worth anything?