The SpaceX (SPCX) stock sell-off continued on Tuesday, dipping below its market offering price before rebounding.

SpaceX stock was down 3% to around $149 before recovering, a notable move given the stock debuted on June 12 at $150. It’s a psychologically important level and indicative that SpaceX is following other major market debuts that eventually traded below their offer price.

SpaceX suffered its worst single-day drop on Monday, shedding over 16%.

Market makers and SpaceX’s biggest investors, like institutional funds, will likely be under pressure to defend the stock following these big drops. In addition, SpaceX shares are approaching their IPO price of $135, another level to watch.

At $150, SpaceX stock is up only…