Key Highlights SPCX trades near $122.64 after breaking the $140 mid-range channel support in November 2024 ~2 billion SPCX shares unlocked in October alone — representing over $300B in newly
Key Highlights
SPCX trades near $122.64 after breaking the $140 mid-range channel support in November 2024
~2 billion SPCX shares unlocked in October alone — representing over $300B in newly available supply per analyst
Analyst downside target is $108, the next labeled support below current price on the daily chart
SpaceX’s tokenized shares are under severe selling pressure. SPCX is currently trading near $122.64, having broken below the $140 mid-range support level of its parallel channel — a breakdown that one analyst says is being driven by one of the largest share unlock events in recent memory.
An analyst identifying the move flags that nearly 2 billion SPCX shares were unlocked in October alone, representing more than $300 billion in newly available supply. The core thesis is straightforward: that volume of newly unlocked stock creates structural selling pressure that technical support levels cannot absorb. The price is now targeting $108 — the next major support below the broken zone.
SPCX Daily Chart Analysis | Source: @alicharts (X)
Share unlocks are not speculative events — they are contractual. When locked shares become freely tradeable, holders who received them at pre-unlock valuations gain the ability to sell. At scale, the effect is mechanical: supply increases faster than demand can absorb it, and prices move to find a new clearing level.
In October, approximately 2 billion SPCX shares entered the market in this way. At current price levels near $122.64, that unlock represents roughly $245 billion in newly liquid stock — and the analyst’s $300 billion figure implies the unlock was priced at higher valuations, reinforcing the magnitude of the supply addition. For context on how SpaceX’s equity position interacts with broader asset markets, the potential implications of a SpaceX-Tesla merger and what it could mean for Bitcoin treasuries has been covered separately.
This is not a sentiment-driven selloff. It is supply-side arithmetic arriving at a fixed date. The parallel channel structure that had contained SPCX’s price action since the August peak provided technical reference points, but the mid-range support at $140 was unable to hold against the volume of sellers that the unlock introduced. The $140 level has now been decisively broken, and SPCX is trading roughly 12.4% below it at $122.64.
The daily chart shared by the analyst documents the full price trajectory from August through early November 2024. SPCX peaked near $172 in August, then entered a sharp downtrend before staging a rounded consolidation and partial recovery through September and October — an inverted-U recovery pattern that ultimately failed. November brought a sharp resumption of the downtrend, with price breaking cleanly below $155, then $140, to reach the current level near $122.64.
The chart identifies $108 as the next significant support level below current price. With the $140 zone now acting as overhead resistance rather than support, and no intermediate level labeled between $122.64 and $108, the analyst’s downside target represents a further decline of approximately 12% from current levels. The structure of the chart — a failed recovery followed by accelerating breakdown — does not suggest stabilization is imminent without a clear catalyst to absorb supply.
Three levels define the current structure:
$140 — Prior mid-range channel support, now broken. Reclaiming this level on a closing basis would be the minimum condition to argue the breakdown is false.
$122.64 — Current price. The asset is in open air between broken support and the next labeled floor.
$108 — The analyst’s stated downside target and the next identifiable support on the daily chart.
Above current price, $155 and $172 represent prior structural levels that now function as resistance in any recovery attempt. Neither is in immediate play while the $108 target remains unresolved. Separately, Tesla’s own technical structure has been breaking out — a contrast worth noting given the two companies’ intertwined narratives.
The unlock mechanism is specific to SPCX’s share structure — it is not a macro crypto or equity event. The $300 billion in newly unlocked supply is a SPCX-specific calendar event, not a reflection of broader market conditions. That specificity is what makes the analyst’s argument credible: the catalyst is named, dated, and quantified. It is not a sentiment read or a derivative of Bitcoin’s price action.
What it does share with broader tokenized equity dynamics is the question of liquidity depth. Tokenized shares of private companies operate in thinner markets than their publicly traded counterparts. When a supply event of this magnitude hits a thinner market, price discovery moves faster and further than it might in a deep-liquidity venue. The $140 support breaking with apparent conviction, rather than holding for multiple sessions, is consistent with that dynamic.
SPCX’s breakdown also arrives against the backdrop of elevated attention on Elon Musk-affiliated assets — the intersection of crypto and Musk-linked narratives has been a recurring market theme — though the analyst’s thesis here is explicitly supply-side, not narrative-driven.
SPCX has broken the $140 channel support on the back of a $300 billion share unlock in October. The current price of $122.64 sits in unstructured territory between broken support and the $108 target the analyst identifies as the next floor. No labeled level exists between here and $108. Watch $140 — a sustained close back above that level would be the first signal that the supply overhang is being absorbed. Until then, the path of least resistance points to $108.
Disclaimer: The views and analysis presented in this article are for informational purposes only and reflect the author’s perspective, not financial advice. Technical patterns and indicators discussed are subject to market volatility and may or may not yield the anticipated results. Investors are advised to exercise caution, conduct independent research, and make decisions aligned with their individual risk tolerance.
