$MERL The recent trend isn’t looking too good.

The signals coming from on-chain data are making people nervous—big players’ moves are starting to look suspicious. Just a couple of days ago, a whale-level address dumped 16 million $MERL onto an exchange all at once. Transfers of this scale—do you really think it’s just routine rebalancing? I’m not buying it.

Looking at the technicals combined with on-chain activity, we might see the 0.2 price level again soon. At the current position, it’s obvious the bulls are struggling, and if selling pressure gets released all at once, the pullback could happen faster than expected. For those holding positions, stay alert and don’t get fooled by short-term rebounds.