Recently, everyone watching $MERL understands this frustration. Three attempts to surge past $0.5 were all pushed back, trading volume increased but couldn't support buy pressure. This price level has become a hard resistance, and the selling pressure is visibly evident.

On-chain data is even more straightforward. Every time it approaches $0.5, funds take profits, and the ceiling is firmly welded shut.

Coupled with BTC and ETH retracements, market risk appetite has sharply declined. $MERL already lacked momentum to move upward, and what worsens the situation is the 70 million tokens being unlocked in a concentrated manner. Large holders have even transferred 16 million tokens to exchanges in advance, increasing potential sell pressure, while buy orders are so weak they are inaudible.

Under the imbalance of supply and demand, it’s easy to fall into a cycle of “selling pressure → decline → even more selling pressure.” Short-term rebounds are basically hopeless, with risks far outweighing opportunities. Based on current chips and sentiment, this downward move is likely to bottom around $0.2 before stabilizing. Until the adjustment is complete, it’s more prudent to watch and wait for a turning point.