Looking at Waves price i see this coin follow total market cap. Of cousre is not a paste and copy, as many others coins or tokens register somethimes little sometimes a little big divergences from benchmark. The Waves prices have been underperforming a little since the start of May top. Actually from that top , Waves lost more than  20 % from total market cap and for the same from BTC and ETH. If you look at others coins like Litecoin you can see the same waves performance. I dont know if there are specific reasons for this underperforming in prices, but I think that the price action of a coin can alternately overperforms or underperforms benchmark in short time or for few months, the pillar is to alternate the two situations. Anyway I dont panic now for beeing in the little underperform one.