Entering December, the supply-side pressure of $MERL is starting to truly surface.

This month, there are a total of four key unlocks, with 70 million tokens becoming available for circulation, which can almost be seen as a period of concentrated release.

Even if these OTC holders may not sell immediately, the market often reacts in advance to sentiment. Many traders will choose to reduce their positions and play defense, causing natural liquidity to thin out.

The psychological impact is actually greater than the actual selling pressure. Everyone knows the unlocks are coming, so from price action to order book depth, you can feel that constant tension of “someone could sell at any moment.”

More realistically, some early OTC holders have extremely low costs, so there’s still considerable arbitrage opportunity at current market prices. For them, any rebound is a chance to cash out, making it easier for selling pressure to concentrate at key levels.

December is a supply window that $MERL must get through. Whether it can withstand this period largely depends on whether the market can provide enough new demand to offset this wave of psychological and actual pressure.

In the short term, the probability of a rebound is extremely low, and the risks are significantly higher than the opportunities.