Nvidia (NVDA), the world’s largest company by market cap, has hit a new all-time high price, reaching $237.87, taking the company’s market value to about $5.7 trillion.

But Popular chart analyst Ali Martinez says the stock is now near a major resistance zone and could see a pullback before a stronger breakout.

Nvidia Hits ATH as Morgan Stanley Names It Top Pick

Nvidia gained nearly 14% since September 14, rising from $208.93 to $237.88. The rally was mainly driven by strong AI demand and a bullish call from Morgan Stanley.

Morgan Stanley named Nvidia its “Top Pick” in the global semiconductor sector. The bank kept its Overweight rating and raised confidence in a $300 price target. It said demand for AI infrastructure remains strong, while limited data center space, power, and funding are creating new challenges for the industry. 

This could keep demand for Nvidia’s chips high as large technology companies expand their AI systems.

Nvidia also expanded its share buyback plan by $150 billion, taking its remaining authorization to $235 billion through fiscal 2028.

Ali Martinez Warns of NVDA Fakeout or Breakout

Meanwhile, crypto trader Ali Martinez noted that the rally has now pushed NVDA to the top of a six-month price channel, where it is facing resistance. Thus, he says, he is now watching whether this move becomes a fakeout or a breakout. 

2/5 Since September 14, $NVDA has surged nearly 14%, climbing from $208.93 to a new record high of $237.88.

But that rally has brought the price to the top of a six-month channel, where it is now meeting resistance. pic.twitter.com/AgCsPrJ4CX

— Ali Charts (@alicharts) October 2, 2026

Further, he pointed to a similar setup from late April, when Nvidia reached channel resistance near $216.83 before falling about 10% to $194.74.

The stock later recovered, broke above the channel and climbed to a new high of $236.54.

If a similar pattern repeats, Martinez expects NVDA could first pull back toward $220 before testing the channel top again. A successful breakout could then open the way toward $260.

For now, he is watching the $225–$220 area for a possible entry instead of chasing the stock near resistance.