$MERL will see intensive unlocking in December, with a total of 70 million tokens released in four batches on the 12th, 15th, 16th, and 19th. The expansion of the circulating supply will directly amplify short-term selling pressure. This unlocking includes early OTC low-cost chips, and there is still arbitrage space at current prices. Holders have a strong willingness to cash out. Coupled with market panic over concentrated unlocking, this is highly likely to trigger tighter liquidity and increased volatility.

From a technical perspective, $MERL has failed to break through the $0.5 resistance level in its previous three attempts, reflecting weak buying support. The current supply-side impact further exacerbates the supply-demand imbalance, and the short-term downside risk is significantly higher than the upside opportunity. Investors are advised to prudently control their positions, avoid the retracement risk before and after the unlocking, and reassess entry timing after the selling pressure is digested and market sentiment stabilizes.

$MERL