MERL briefly surged to around $0.44, with a 17% spike in 24 hours, entering the top $100 by market cap. Does it seem strong?

From a technical perspective, the key resistance level at $0.44 has been repeatedly tested without breaking through, and the structure has clearly weakened. Each rebound lacks strength. On-chain data shows that large holders transferred tens of millions of $MERL to Bybit. In mid to late December, tens of millions of low-cost OTC chips will be unlocked.

Technical weakness, on-chain capital fleeing, and a massive supply surge! The bearish pattern is almost established, and shorting could be considered.