Geometry Wars Evolved²

As simonkey pointed out, you move WAY faster if you just graze along the wall (you dont even have to actually touch it, just get quite close, it's better if you dont). Your ship builds up momentum as it moves, and this is also important in the second wax off phase because if you are trying to fly around dodging between blue clusters and attempt to turn on a dime, you are screwed because your ship will have to slow down before it stops.

My advice is to go for a very fast wax on, and maybe a tiny bit further along the wall if you can, and then concentrate on staying alive. Always stay near gates. Don't try to pull very close turns around the blue clouds because you move much slower in turns whereas the longer the blue diamond guys stay alive the faster they persue you. Killing them is far wiser than trying to dodge them. Wait by the gates, blow your persuers to hell, then scrape off whatever is accessible along the wall while moving toward another gate, then repeat.

The most dangerous parts are the corners because large clusters spawn there periodically and they will spawn directly on top of you killing you instantly, so if you can can, try to wipe off the corners before things get too crazy. Constant movement is only your best friend during the wax on phase IMO. Careful, precise, stop and go navigation using gates is what got me much better results during the wax off.

Do the Wax On Achievement 2 times in one game.

One tip is you will move faster if you don't rub against the wall, but move parallel to it (you can kinda see this in the video in the other solution) but be careful not to stray from the side. Good luck!

I made a video for this achievement.
At start, the wall color doesn't change but that's count !
Follow the wall but don't touch it, you will be faster.

Good luck for Wax Off :p