Observing the trends of $MERL during this period, I am increasingly convinced that: $0.5 is not just a simple resistance but a trend boundary that must be taken seriously.
1. Supply side: December enters the concentrated unlocking period
There are four important time points in December (12/12, 12/15, 12/16, 12/19)
It is expected that about 70 million $MERL will be included in the circulation range.
Impact:
1️⃣ The market will conduct position management in advance, making the trading rhythm more stable.
2️⃣ Some OTC holders have different cost ranges, so when the price approaches their range, proactive adjustment behavior will naturally occur.
These all belong to normal changes in supply rhythm.
2. On-chain: Large capital movements make the structure more transparent
Today, a certain address transferred 16 million $MERL to #Bybit,
This type of large on-chain activity usually reflects that funds are preparing for subsequent operations, including:
✔ Enhancing liquidity
✔ Coordinating with personal or institutional asset management plans
✔ Adjusting positions before the unlocking period
Due to the public and transparent actions, other participants can use this to judge the current capital layout and optimize their own strategies.
