Not my personal style.
But I definitely agree with those who say it has potential to become quite popular if it gets just a little more publicity. It blends the sounds of names like
Ava and
Avery with the -ly ending that is now one of the main markers of femininity for Americans in names. And it sounds like a ritzy British surname, which is a plus for a lot of people.
I do think of the word "waves", but I think for most people that would be more of a positive than a negative association. I can't think offhand of where "wave" would have a negative association, unless one jumps to thinking of tsunamis.
"Waver" would be more negative, but I don't think that association will be strong enough for most people to put them off the name. "Mad" didn't hurt
Madison, "con" didn't hurt
Connor, and "rile" doesn't seem to be hurting
Riley, so I doubt if "waver" will have much negative impact on Waverly. :)