Recently observing $MERL, the overall rhythm has clearly weakened. The trend's tone has shifted from an initial expectation of a rebound to a state of "unable to rise, with increasing downward pressure." The first point of attention is the $0.50 position. During this time, the market has attempted to push above this level multiple times, but each time it gets close, it is immediately pushed back by strong selling pressure, indicating that this is not a range that can be broken through in the short term simply by volume, but rather a structural resistance level. From the trading surface, the buyers have not formed effective support, which has instead weakened the bulls' ambitions. The environmental factors are also not providing any assistance. The overall market is adjusting, mainstream coins are retreating, and new coins are suffering the most in this market situation—lacking capital attention and having no emotional momentum to push them up, the pressure on $MERL is naturally maximized. The trend of on-chain data is even more critical. Whenever the price approaches the resistance level, there is a noticeable wave of selling, forming a reflexive reduction in positions. Additionally, there will be large-scale token unlocks, and an increase in supply represents a larger base for selling pressure. Furthermore, some large holders have already transferred tens of millions of tokens to exchanges in advance; this action needs no further explanation, as the market understands what that represents. Putting these factors together, the current state of the market is very clear: Buyers are not aggressive, sellers are firm, the structure is bearish, and the market is likely to follow the weakness downward. In this kind of market, chasing highs is absolutely unreasonable behavior. A more practical approach is to remain on the sidelines and lower the risk. If you are good at shorting or operating trends, this type of downward market is often easier to catch the rhythm than a strong market. In summary, the direction conveyed by $MERL at this stage is very straightforward: Weak, bearish, and lacking momentum. When making decisions, keeping this in mind will be more reassuring. #MERL $MERL