The major liquidation on October 11th saw 99% of coins reaching historical lows,

Only $MERL stands out.
Let's break down the trading rhythm of $MERL .

From market structure to sentiment window
Layer 1: Structure Recognition:

The 4H level is maintaining a standard uplift that is unsuccessful.
Raise the rhythm of effective confirmation support.
When a black swan event occurs, altcoins experience a liquidity overflow type of crash,
And $MERL seems more like someone has already placed an order in advance, waiting for an opportunity to take it.
In other words, it is not being dragged along by the market,
Instead, it is an active market:
A pullback is a confirmation, not a forced stop loss.
The K-line looks structurally smooth,
There is no need to rely on violent price increases to prove existence.

Second Layer: Capital Behavior

Most projects during the black swan event are "liquidity escape + reducing positions to save oneself"
Only @MerlinLayer2 reverse:
They launched a new round of BTC staking APY incentives, and the yield has been raised.
This operation seems to say:
You, a technician, shouldn't get off the shore yet; I will give you reasons to continue staying in this club.

Providing liquidity exits during market panic is a common practice.
But when the market is in panic, it provides a "lock-up entrance."
This belongs to a confidence-level strategy.

Level Three: Key Structural Area

Support confirmation zone: pin bottom, the horizontal range in the middle of the current pullback zone,
Belongs to the capital return zone
Acceleration point: the first low-volatility consolidation structure after the breakthrough of the previous high
FOMO Zone: After breaking through and having two consecutive large-volume bullish candles.

Layer 4: The linkage logic between APY and price

Many people only look at the APY but not at the time points:
If the APY opens during an emotional peak, it is to attract FOMO.
And now it is the "panic period" to open high APY,
More is about digging into "existing funds + early adopters".
This operation mode is called
then release high volatility space

$MERL is currently not the most exciting stage for prices,
But it may be the stage that is easiest to understand the structure.
When a project maintains its rhythm amidst chaos,
Choose the lock-up entry during the downtrend, instead of shouting orders:
It indicates that there is a sense of planning for future market trends.

Once these types of projects make a valid breakthrough,
The positions that chase higher prices will become very unwilling, but there are moments when one must chase.