Since semi-displacement and planing hulls generate a significant amount of lift in operation, they are capable of breaking the barrier of the wave propagation speed and operating in realms of much lower drag, but to do this they must be capable of first pushing past that speed, which requires significant power.  This stage is called the transition stage and at this stage the rate of wave-making resistance is the highest. Once the hull gets over the hump of the bow wave, the rate of increase of the wave drag will start to reduce significantly. The planing hull will rise up clearing its stern off the water and its trim will be high. Underwater part of the planing hull will be small during the planing regime.
A qualitative interpretation of the wave resistance plot is that a displacement hull resonates with a wave that has a crest near its bow and a trough near its stern, because the water is pushed away at the bow and pulled back at the stern.  A planing hull simply pushed down on the water under it, so it resonates with a wave that has a trough under it. If it has about twice the length it will therefore have only square root (2) or 1.4 times the speed. In practice most planing hulls usually move much faster than that. At four times hull speed the wavelength is already 16 times longer than the hull.