Merlin Chain (MERL) is gaining traction as spot inflows and derivatives activity increase. The token is trading around $0.31, stabilizing after a recent rally. Open interest in MERL futures has reached $159 million, indicating stronger leveraged positions and potential volatility. Recent spot inflows of $1.22 million suggest a shift in market sentiment. Key technical levels for MERL include resistance at $0.40–$0.41 and support at $0.30. A breakout above $0.45 could indicate renewed bullish momentum, while a decline below $0.30 might lead to further downside.