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

The four major unlock days of the month are concentrated on the 12th, 15th, 16th, and 19th, with approximately 70 million tokens entering circulation simultaneously.

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

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

Some OTC holdings are at extremely low cost bases, which still offer obvious arbitrage opportunities at current prices.

This means that as long as the price shows limited strength in rebounds, short-term profit-taking at higher levels will occur more frequently, further strengthening the stability of the resistance zone above.

In the short term, caution is still advised.