In a June 29 X post, Ali Martinez revealed that, after confirming a bearish breakout, Nvidia (NASDAQ: NVDA) stock price target stands at $170.
Specifically, the prominent on-chain analyst revealed that NVDA shares have cleared the ‘neckline’ of a head-and-shoulders pattern, indicating their descent is likely to continue.
Head-and-shoulders is a technical analysis (TA) pattern that occurs during a trend reversal either from bullish to bearish or from bearish to bullish. In the case of Nvidia stock in 2026, the left shoulder began forming during the April rally that ended with a drop in early May and went on to form a head later in the same month.
The right and lower shoulder finally took shape in mid-June with a new climb above $210 before the most recent trading broke the ‘neckline,’ indicating a deeper correction is imminent.
2026 Nvidia stock price performance
Notably, the June 29 extended session also featured a slight recovery as NVDA shares rallied 0.90% from their latest – Friday – close to $194.26.
Under the circumstances, the confirmation of the sell signal might only come after the Monday morning bell as volume increases, diminishing the impact of any individual trades.
Should Martinez’s forecast prove correct, it would indicate that, after dropping 14.19% in June, Nvidia stock is set to plunge another 11.70% to $170.
Such a move could also prove significant for the wider market as NVDA shares have served as something of a leader among big tech firms due to their exceptional rally during the artificial intelligence (AI) boom that started with the initial public release of ChatGPT.
So far, despite the technological narrative remaining dominant with most analysts seeing further potential in the greater sector with a particular focus on memory and central processing units (CPUs), investors have apparently turned more cautious.
Indeed, in stark contrast to its performance in recent years, Nvidia stock is underperforming the benchmark indices – for example, NVDA shares are 1.95% up to their latest close at $192.53 year-to-date (YTD), and the S&P 500 is up 7.23% in the same timeframe – with June providing a period of particular volatility amidst a growing debate over AI return on investment (ROI).
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