Many traders are still watching the charts for turning points in K-lines, but the real core issue with $MERL now is not in the charts at all, but in the timing of chip supply and release.

Let's clarify the logic: the December unlock is not an isolated event but a series of continuously released chips. As long as the market mindset is "more supply is coming later," new funds will never be willing to make a decision. Market participants' mentality is often: not chasing highs, not rushing in, just waiting for the price to fall a bit more. As a result, the buying momentum is naturally suppressed layer by layer.

It's this expectation gap that causes the price to lack upward momentum. Instead of focusing on technical patterns, it's better to first clarify how much chip is about to enter—the real shadow lies here.