Waters that cause one to droop.

This is similar to the saying about Pāʻieʻie in Hilo:

Luhe i ka wai o Pāʻieʻie. “Drooped over the pool of Pāʻieʻie.”

I seems Hilo was the place for that wai hooluhe.

[By the way, if you already did not know, ʻŌlelo Noʻeau is back in print! See the Bishop Museum Press website to order your copy!]

Mary Kawena Pukui, “ʻŌlelo Noʻeau: Hawaiian Proverbs & Poetical Sayings” Bishop Museum Press.