Merlin Chain (MERL) news: what is happening today
Market summary from our own Hyperliquid data · updated 2026-07-25 04:14 UTC
Merlin Chain trades flat
Merlin Chain has gone nowhere over a month. What follows is what sits behind that move: large-wallet positioning, derivatives, our own model.
What matters on Merlin Chain right now?
Our own rules-based model reads Merlin Chain at 50/100, which is NEUTRAL territory. What stands out right now:
- The trend still points downPrice is below the 50-day average and below the 200-day; the two are 61.37% apart.
- Leverage is paying up to stay positionedFunding runs at 25.86% a year — shorts pay longs, with $301 K of open interest.
- Merlin Chain is parked in the lower third of its 90-day range5% of the way up a 90-day range that runs $0.01565 to $0.04290.
What does the Merlin Chain data show?
1. The trend still points down
Price trades below its 50-day average and below its 200-day, with the two averages 61.37% apart. Market structure is sideways — no sequence of higher or lower swings. The most recent daily candle pattern is doji. RSI (14) is 38.1.
2. Leverage is paying up to stay positioned
Perpetual funding runs at 25.86% annualised, so shorts are paying longs to keep their positions open. Funding is a crowding tax: the more one-sided the book, the more it costs to stay on that side, and the more likely the weakest hands there get squeezed out. Open interest stands at $301 K — that is the size of the leveraged book that has to be closed eventually.
3. Merlin Chain is parked in the lower third of its 90-day range
Merlin Chain is 5% of the way up its 90-day range, which runs from $0.01565 to $0.04290; over 30 days the market is +1.57%. The same headline number means something different at the top of a range than at the bottom — which is why position is worth naming.
What has already happened to Merlin Chain?
June 2026
- Merlin Chain closed at a 365-day low of $0.01677Previous trough of the 365-day window $0.01773, undercut by 5.39%−5.39%
- Merlin Chain closed at a 365-day low of $0.01773Previous trough of the 365-day window $0.01863, undercut by 4.87%−4.87%
- Merlin Chain closed at a 180-day low of $0.01904Previous trough of the 180-day window $0.02013, undercut by 5.42%−5.42%
- Merlin Chain closed at a 180-day low of $0.02013Previous trough of the 180-day window $0.02100, undercut by 4.16%−4.16%
April 2026
- Merlin Chain closed at a 180-day low of $0.02148Previous trough of the 180-day window $0.02217, undercut by 3.10%−3.10%
Show the earlier history (35 more entries)
March 2026
- Merlin Chain closed at a 180-day low of $0.02274Previous trough of the 180-day window $0.02410, undercut by 5.67%−5.67%
- Merlin Chain closed at a 180-day low of $0.02439Previous trough of the 180-day window $0.02620, undercut by 6.92%−6.92%
- Merlin Chain closed at a 180-day low of $0.02620Previous trough of the 180-day window $0.02727, undercut by 3.91%−3.91%
- Merlin Chain closed at a 180-day low of $0.02727Previous trough of the 180-day window $0.02841, undercut by 4.04%−4.04%
- Merlin Chain closed at a 180-day low of $0.02911Previous trough of the 180-day window $0.03042, undercut by 4.30%−4.30%
- Merlin Chain closed at a 180-day low of $0.03042Previous trough of the 180-day window $0.03460, undercut by 12.08%−12.08%
- Merlin Chain closed at a 180-day low of $0.03537Previous trough of the 180-day window $0.03654, undercut by 3.20%−3.20%
- Merlin Chain closed at a 180-day low of $0.03654Previous trough of the 180-day window $0.03825, undercut by 4.46%−4.46%
- Merlin Chain closed at a 180-day low of $0.03924Previous trough of the 180-day window $0.04163, undercut by 5.75%−5.75%
February 2026
- Merlin Chain closed at a 180-day low of $0.04268Previous trough of the 180-day window $0.04431, undercut by 3.68%−3.68%
- Merlin Chain closed at a 180-day low of $0.04431Previous trough of the 180-day window $0.05094, undercut by 13.01%−13.01%
January 2026
- Merlin Chain closed at a 180-day low of $0.05094Previous trough of the 180-day window $0.06246, undercut by 18.45%−18.45%
- Merlin Chain closed at a 180-day low of $0.06246Previous trough of the 180-day window $0.06728, undercut by 7.17%−7.17%
- Merlin Chain closed at a 180-day low of $0.06728Previous trough of the 180-day window $0.07586, undercut by 11.31%−11.31%
- Merlin Chain closed at a 180-day low of $0.07586Previous trough of the 180-day window $0.08354, undercut by 9.19%−9.19%
- Merlin Chain closed at a 180-day low of $0.08354Previous trough of the 180-day window $0.09616, undercut by 13.13%−13.13%
- Merlin Chain closed at a 90-day low of $0.09704Previous trough of the 90-day window $0.1032, undercut by 5.94%−5.94%
- Merlin Chain closed at a 90-day low of $0.1032Previous trough of the 90-day window $0.1152, undercut by 10.42%−10.42%
- Merlin Chain closed at a 90-day low of $0.1152Previous trough of the 90-day window $0.1283, undercut by 10.27%−10.27%
- Merlin Chain closed at a 90-day low of $0.1283Previous trough of the 90-day window $0.1576, undercut by 18.54%−18.54%
- Merlin Chain closed at a 90-day low of $0.1576Previous trough of the 90-day window $0.1678, undercut by 6.09%−6.09%
- Merlin Chain closed at a 90-day low of $0.1678Previous trough of the 90-day window $0.1780, undercut by 5.75%−5.75%
- Merlin Chain closed at a 90-day low of $0.1780Previous trough of the 90-day window $0.1897, undercut by 6.17%−6.17%
- Merlin Chain closed at a 90-day low of $0.1897Previous trough of the 90-day window $0.2100, undercut by 9.67%−9.67%
December 2025
- MERL open interest rose 75.93% to $5.1 M while price moved +22.67%: new longs buildingCompared with a point 1 day(s) earlier; rule: price and open interest moving together means new positions+22.67%
November 2025
- MERL open interest fell 65.35% to $2.5 M while price moved −35.99%: longs unwindingCompared with a point 1 day(s) earlier; rule: price and open interest moving together means new positions−35.99%
- Merlin Chain closed at a 90-day high of $0.4538Previous peak of the 90-day window $0.4338, exceeded by 4.59%+4.59%
October 2025
- Merlin Chain closed at a 90-day high of $0.4338Previous peak of the 90-day window $0.3919, exceeded by 10.69%+10.69%
- Merlin Chain closed at a 90-day high of $0.3916Previous peak of the 90-day window $0.3723, exceeded by 5.18%+5.18%
- Merlin Chain closed at a 90-day high of $0.3491Previous peak of the 90-day window $0.3375, exceeded by 3.44%+3.44%
September 2025
- Merlin Chain closed at a 90-day high of $0.3375Previous peak of the 90-day window $0.3264, exceeded by 3.40%+3.40%
- Merlin Chain closed at a 90-day high of $0.3264Previous peak of the 90-day window $0.3153, exceeded by 3.53%+3.53%
- Merlin Chain closed at a 90-day high of $0.3153Previous peak of the 90-day window $0.2903, exceeded by 8.61%+8.61%
- Merlin Chain closed at a 90-day high of $0.2903Previous peak of the 90-day window $0.1979, exceeded by 46.67%+46.67%
- MERL open interest rose 61.31% to $3.6 M while price moved +13.82%: new longs buildingCompared with a point 1 day(s) earlier; rule: price and open interest moving together means new positions+13.82%
Entries are produced by the Spottrench algorithm from Hyperliquid data.
What is next for Merlin Chain?
Dates we can verify and levels that would change the read on Merlin Chain. No project roadmaps here — only schedules that exist on-chain or in the company calendar, and thresholds measured from our own data.
Unlock schedule from DefiLlama; earnings dates from the company calendar.
The bottom line
Pulling it together, our combined signal reads NEUTRAL (50/100, where 50 is neutral). On the last closed day Merlin Chain fell 0.50% against a category median of +0.00%, with 88 of 177 markets in the category closing lower. We do not claim to know why Merlin Chain moved — everything above is measurement, not a cause.
Frequently asked questions
What is the latest news on Merlin Chain?
The most recent development we recorded is: The trend still points down (2026-07-25). This page is a dated log computed from market data rather than a press feed — every entry is a measurement with the date it happened.
How often is the Merlin Chain page updated?
Once a day: it is recomputed after the daily candle closes, and the time of the last update is printed at the top of the page. Log entries are dated by the day the event happened, not the day we published it.
Where does the Merlin Chain data on this page come from?
From Hyperliquid directly: daily candles, open interest, funding and the on-chain positions of active large wallets. Nothing here is copied from another site's article, and no language model writes the text — the wording is generated from the numbers by fixed rules.
Is this Merlin Chain page investment advice?
No. It is an algorithmic summary of measured market data from Hyperliquid — price moves, positioning, derivatives and our own model. It is not investment advice and past performance does not guarantee future results.
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