MERL breaks through 0.44, but is there an undercurrent? Technology + supply + multiple pressures from on-chain are coming.
MERL briefly surged past 0.44 USDT on OKX yesterday, increasing by 17% in 24 hours, now falling back to around 0.436, and has squeezed into the top 100 of CMC. On the surface, it looks quite impressive, but upon closer inspection, there are some hidden concerns.
On the technical front, the key resistance level has been tested multiple times without breaking, and the overall structure is beginning to weaken. On the supply side, a dense unlocking in December (12/12, 15, 16, 19) will release about 70 million coins, significantly expanding the circulating supply.
The market has sensed the selling pressure early, and buying interest may easily retract; low-cost OTC transactions may also take the opportunity to sell at a high.
On-chain is even more direct: recently, a large holder transferred 16 million MERL (about 8 million dollars) to Bybit. This operation before the unlocking seems to be preparing for a sell-off. Once such signals emerge, it tends to amplify bearish sentiment.
Overall, the selling pressure is certainly stronger than the buying support, and the price rebound may be limited. In the short term, there might be a slow decline; strategically, one can pay attention to shorting opportunities at highs, but of course, do your own research, as the market is unpredictable.
Everyone be aware, MERL briefly broke 0.44 USDT yesterday, currently reported at 0.436, with 24H +17%, and ranked 100th on CMC. However, technical resistance has not broken, a massive unlocking in December is imminent, and large holders on-chain are transferring coins, leading to heavy selling pressure expectations. A rebound may encounter resistance, and it is recommended to pay attention to short opportunities at highs, trading rationally.
