The dominant paradigm in turbulent wall flows is that the mean velocity near the wall, when scaled on wall variables, is independent of the friction Reynolds number $Re_\tau$. This paradigm faces challenges when applied to fluctuations but has received serious attention only recently. Here, by extending our earlier work (Chen & Sreenivasan, J. Fluid Mech., vol. 908, 2021, p. R3) we present a promising perspective, and support it with data, that fluctuations displaying non-zero wall values, or near-wall peaks, are bounded for large values of $Re_\tau$, owing to the natural constraint that the dissipation rate is bounded. Specifically, $\varPhi _\infty - \varPhi = C_\varPhi \,Re_\tau ^{-1/4},$ where $\varPhi$ represents the maximum value of any of the following quantities: energy dissipation rate, turbulent diffusion, fluctuations of pressure, streamwise and spanwise velocities, squares of vorticity components, and the wall values of pressure and shear stresses; the subscript $\infty$ denotes the bounded asymptotic value of $\varPhi$, and the coefficient $C_\varPhi$ depends on $\varPhi$ but not on $Re_\tau$. Moreover, there exists a scaling law for the maximum value in the wall-normal direction of high-order moments, of the form $\langle \varphi ^{2q}\rangle ^{{1}/{q}}_{max}= \alpha _q-\beta _q\,Re^{-1/4}_\tau$, where $\varphi$ represents the streamwise or spanwise velocity fluctuation, and $\alpha _q$ and $\beta _q$ are independent of $Re_\tau$. Excellent agreement with available data is observed. A stochastic process for which the random variable has the form just mentioned, referred to here as the ‘linear $q$-norm Gaussian’, is proposed to explain the observed linear dependence of $\alpha _q$ on $q$.