Merlin Chain’s MERL hits $75.79M open interest peak as price jumps 16% and pullback risks emerge

Merlin Chain’s MERL token, a Bitcoin layer-2 asset, has surged 16% while perpetual futures open interest reached a record $75.79 million and holders climbed to 173,800. Derivatives-led liquidity, a buy-heavy taker ratio and ongoing spot accumulation support the uptrend, but a liquidation heatmap with major liquidity pools below the current price signals elevated short-term pullback risk.