SoFi Technologies Inc. (NASDAQ:SOFI) stock is trading higher this week, supported by a bullish analyst call and new spending data from the company’s technology solutions unit. The Nasdaq gained 0.22%, while the S&P 500 rose 0.47%.
SoFi is also benefiting from strength in cryptocurrency and blockchain-related assets. The sector moved higher amid renewed calls for Congress to pass the CLARITY Act. Bitcoin (CRYPTO: BTC) hovered around $77,000 over the past 24 hours.
Piper Sandler Turns Bullish On SoFi
On Monday, Piper Sandler initiated coverage of SoFi with an Overweight rating and a $22 price forecast.
Analyst Patrick Moley cited the large lending and debt-consolidation market as a key opportunity. He also highlighted SoFi’s product ecosystem, which he said helps drive consumer adoption.
Piper Sandler projects fiscal 2026 revenue of $4.89 billion and earnings of 63 cents per share. For 2027, the firm expects revenue of $6.14 billion and earnings of 88 cents per share.
Debit Spending Jumps Across Key Categories
Separately, SoFi Technology Solutions released its second-quarter 2026 Debit Spend Index on Tuesday.
Travel spending rose 21% from the first quarter, while spending on experiences increased 23%. Fuel spending jumped 28.2%, overtaking groceries as the largest share of essential spending.
“In second quarter, debit showed up everywhere from the gas pump to the airport to theaters and stadiums,” said Kathleen Pierce-Gilmore, president of SoFi Tech Solutions.
Critical Levels To Watch For SOFI Stock
SOFI is trading above its 20-day, 50-day and 100-day simple moving averages, or SMAs. The stock is roughly 7% to 10% above those levels, signaling improving momentum in recent weeks.
However, the stock remains about 7% below its 200-day SMA of $20.52. That keeps the longer-term technical picture mixed.
The stock has a bullish 20-day-over-50-day setup. However, the “death cross” from March, when the 50-day SMA fell below the 200-day SMA, remains in place.
The $20 level is a key resistance area. It sits just below the 200-day SMA of $20.52. Meanwhile, $17 is a key support level near the 20-day and 50-day SMAs of $17.76 and $17.68, respectively.
SOFI Stock Price Activity: SoFi Technologies shares were up 5.69% at $18.94 at the time of publication Friday, according to Benzinga Pro data.
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