SpaceX (NASDAQ: SPCX) stock could rally back to its record high near $225 if it breaks above a key resistance level, according to a new technical analysis of the company’s 10-minute chart.
The analysis shared by Ali Martinez in an X post on June 21 identified $192.55 as the critical level for the next major move. A decisive close above that price would invalidate the current short-term weakness and reopen a path toward the stock’s all-time high of $225.61.
The forecast comes after SpaceX shares pulled back from their post-IPO surge, with the stock currently trading around $185 following a strong debut that briefly pushed its market capitalization above $2 trillion.
Notably, the stock has been trading in a descending channel after reaching a record high near $225.61. Following the rally, SPCX encountered resistance at the upper boundary of the channel and entered a corrective phase.
SPCX shares hit with selling pressure
According to the analysis, the recent rejection near $192.55 suggests short-term selling pressure remains in place. However, that level has become the key trigger point for bulls.
A successful breakout above $192.55 would signal renewed upward momentum and potentially send SpaceX stock back toward its previous peak around $225.61.
If SpaceX fails to reclaim resistance, the stock could continue its cooling phase within the channel.
The first major downside target sits near $172.11, which represents the channel’s mid-range support. A deeper correction could see shares revisit the lower boundary of the trend channel around $157.56.
The analyst noted that structural demand remains strongest near the channel floor, making $157.56 a key level to watch if selling pressure intensifies.
Indeed, SpaceX has been the hottest name on Wall Street after raising approximately $75 billion in its initial public offering at $135 per share, targeting a valuation of roughly $1.75 trillion.
The rally was fueled by investor optimism surrounding Starlink’s growth, the company’s dominance in commercial space launches, government contracts, and expansion into artificial intelligence initiatives.
However, the stock has experienced significant volatility since its debut. Profit-taking, a limited public float, and concerns about valuation have contributed to sharp swings in recent sessions.
Despite the pullback, the latest outlook suggests that SpaceX remains within a broader uptrend.
