$MERL These past couple of days, there has indeed been a pullback, and some have started to chase higher. But when viewed within its own structure, entering at this position doesn’t feel comfortable.

After the price reached around 0.45, there were repeated attempts to break through above, but each time the upward movement lacked sustainability, and there was no clear follow-through.

This kind of rally seems more like an erroneous volatility amplification under MERL’s current liquidity conditions.
What the market is showing is not “trying to push the price higher,” but rather “first rallying to see who is willing to buy in.”

And currently, the most unavoidable factor for $MERL is the unlock of this December batch.
This is a continuous release.
For this kind of structure, long-term pricing is difficult to establish, so I naturally view this rebound as a short-term move.

The choices of on-chain large holders are also quite direct.
Transferring tokens to exchanges before unlocks, especially on MERL, will inherently change market expectations.
No one knows if there will be a direct sell-off afterward, but just this action alone is enough to shift the game’s focus toward a defensive and bearish stance.

So, for me, MERL’s current rise is just a tentative probe.
Until the unlocking pressure and structural issues are digested, I won’t consider this rebound as the start of a new bullish trend.

I am actually more inclined to be somewhat cautious at this elevated emotional level, taking some short positions to test the waters. If the trend aligns with my judgment, I might become more aggressive in shorting.