If we look at $MERL in the context of the recent overall market, the logic becomes clearer. BTC and ETH are showing weak fluctuations, and the risk appetite of funds has clearly declined. Under this background, it is already very difficult for alts to have an independent market. The recent pump of $MERL is more like a counter-trend rebound rather than a trend-following breakout.

The key lies in the rhythm. A genuine trending market is accompanied by a continuous increase in volume and a pullback that finds support, but $MERL currently resembles "pump a bit, dump a bit." Each surge is very urgent, and the pullbacks happen quickly, indicating that the leading capital does not intend to stay for the long term but is more inclined towards short-term operations.
Looking at the position again, 0.44–0.45 is itself a clear resistance zone. It is unrealistic to think of a direct breakthrough without sufficient turnover. For trading, the most dangerous thing in this structure is not to participate, but to be swept up in emotions due to the short-term price increase.
The market trend will not change because of a single bullish candlestick. For $MERL , this seems more like a stage that requires patient digestion, rather than a starting point that can be confidently chased. #美股圣诞行情开启 #Solana年度收入首次超越以太坊 #现货黄金再创新高