The pullback of SPCX is quite severe, a 22% retracement combined with unlocking selling pressure. Can the Nasdaq bullish catalyst withstand it?

SPCX continues to pull back. The HyperLiquid platform is down more than 10% in a single day; the current price is $156.93, down about 22% from the June 16 high of $225.64. In the past 24 hours, trading volume was $338 million, with open interest of $178 million, making it a focus among related stock targets. The pullback is driven by an AI-industry-chain sell-off led by Meta Compute. With an extremely thin circulating float (about 4–5%), selling pressure is amplified. In addition, concerns over high valuation and nearly 20% unlocking may offset the positive impact of being included in the Nasdaq on July 6. During the same period, SPCX-related contracts traded $2.4 billion; compared with Nasdaq SpaceX’s trading volume of $16.2 billion, the crypto market’s trading volume (including leverage) is about 14.8%.