The supply pressure in December is materially influencing $MERL 's short-term market trend, which is a key point for investors to focus on.

The four major unlocking days in the month fall on the 12th, 15th, 16th, and 19th, with approximately 70 million tokens entering circulation simultaneously.

This concentrated unlocking creates clear phased resistance zones in the token's circulation structure, making it more difficult for the market to sustain its previous upward momentum.

It is important to note that such unlockings often have a greater impact on market sentiment than actual sell pressure. Even if OTC holders do not immediately sell, market expectations of potential selling pressure can prompt traders to reduce their positions in advance, leading to decreased active liquidity.

Some OTC holdings are at extremely low cost bases, meaning the current price still offers obvious arbitrage opportunities for them.

This indicates that as long as there is a limited rebound in price, short-term profit-taking at higher levels will occur more frequently, further strengthening the stability of the upper resistance zone.

Caution should still be exercised in the short term.