SoFi Technologies Inc. (SOFI) is having a good week, and Friday is no exception. The stock is trading higher, buoyed by a fresh bullish analyst call and some encouraging spending data from its tech solutions arm. The broader market is also cooperating, with the Nasdaq up 0.22% and the S&P 500 rising 0.47%.
Adding to the tailwinds, cryptocurrency and blockchain-related assets are moving higher amid renewed calls for Congress to pass the CLARITY Act. Bitcoin (BTC) is hovering around $77,000 over the past 24 hours, and SoFi is catching some of that crypto glow.
Piper Sandler Turns Bullish On SoFi
The big catalyst came on Monday when Piper Sandler initiated coverage on SoFi with an Overweight rating and a $22 price target. Analyst Patrick Moley sees a massive opportunity in the lending and debt-consolidation space, and he's impressed by SoFi's product ecosystem, which he says helps drive consumer adoption.
Piper Sandler is projecting fiscal 2026 revenue of $4.89 billion and earnings of 63 cents per share. Looking ahead to 2027, the firm expects revenue of $6.14 billion and earnings of 88 cents per share. That's a pretty rosy outlook, and investors seem to be buying it.
Debit Spending Jumps Across Key Categories
Separately, SoFi Technology Solutions dropped its second-quarter 2026 Debit Spend Index on Tuesday, and the numbers are eye-catching. Travel spending is up 21% from the first quarter, while spending on experiences jumped 23%. Fuel spending surged 28.2%, overtaking groceries as the largest share of essential spending.
Kathleen Pierce-Gilmore, president of SoFi Tech Solutions, summed it up nicely: "In second quarter, debit showed up everywhere from the gas pump to the airport to theaters and stadiums." That's a vivid picture of consumer behavior, and it bodes well for SoFi's transaction volumes.
Critical Levels To Watch For SOFI Stock
Now, let's talk technicals. SOFI is trading above its 20-day, 50-day, and 100-day simple moving averages (SMAs). The stock sits roughly 7% to 10% above those levels, signaling improving momentum in recent weeks. That's a good sign for the bulls.
But here's the catch: 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, but the "death cross" from March, when the 50-day SMA fell below the 200-day SMA, is still in place. So while the short-term trend is improving, the long-term trend hasn't fully flipped.
On the price level front, $20 is a key resistance area, sitting 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. Keep an eye on those levels.
SOFI Stock Price Activity: SoFi Technologies shares were up 5.69% at $18.94 at the time of publication Friday, according to market data.
