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- SOFI stock price is currently on a strong move and is ready to push for a new high.
- Technical indicators are favoring an upside trend. It is currently trading near the value of $5.58
Sofi technologies is a fintech company that offers a variety of financial products and services, including student loan refinancing, personal loans, and investment accounts. The company went public in December 2020.Sofi has seen strong growth in recent years, driven by an increase in demand for its products and services. The company’s revenue has grown at a compound annual growth rate of 42% between 2018 and 2020. Additionally, Sofi has been expanding its product offerings, including the launch of a cryptocurrency trading platform in late 2020.The stock has also performed well since its IPO, with the share price increasing by over 150% in the first three months of trading. However, the stock has been volatile in the recent days and is trading near the value of $5.66. There is a strong upside move in the stock price and can reach a new high.
SOFI has a market cap of $4.46 Billion and has a negative EPS. Various analysts are expecting strong growth in the future.
Bulls Are Ready To Move SOFI
The weekly technical chart of the SOFI suggests a weak upside trend. It is forming a strong upside parallel channel and can move to a new high in the future. On the daily chart it is trading near the value $5.47 with a gain of more than 4.6% in the intraday session. Resistance of the SOFI can be seen near $8. Meanwhile the support of the asset price can be observed near $4. It is currently trading above the 50 and 100 DMA. There can be a positive crossover which can push the price to a new high. On the 4 hour chart it is forming a strong bullish candle. It can be seen as a positive sign for the SOFI stock price
Conclusion
SOFI stock has been in a strong upside move and can move to a new high. It can see a momentum above $10 in near future.
Technical Levels
Major Support:$4
Major Resistance:$8
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
