Peter Smith
After a strong run higher, SoFi Technologies is giving some of those gains back. Shares have retreated toward the $18 zone — a level traders are watching closely as a potential base for the next leg up toward $45.
A Pullback, Not a Breakdown
SOFI has been in corrective mode following a rally that pushed prices above $27. Trim was taken near that peak, and price has since drifted back toward a well-established support region below $18. Critically, the chart structure looks more like an orderly pullback than a true breakdown — the kind of reset that often precedes another move higher rather than a trend reversal.
This pattern isn't new for SOFI. A similar setup played out in SOFI stock holds key support at 200 DMA, where the stock consolidated after a strong push instead of rolling over completely. The current decline fits that same mold — a positioning reset after extended upside, not a change in the broader thesis.
$18 Is the Level to Watch — With $45 as the Target
All eyes are now on how SOFI behaves around the $18 area. If the stock can stabilize here and build a base, it sets up a potential medium-term run toward $45. That kind of price action was visible before in SOFI stock holds $20 support after wedge pattern breaks down — where a sharp dip acted as a recalibration before the stock resumed its upward trajectory.
The stakes are clear: holding $18 would confirm that buyers are still engaged and that the bullish structure remains intact. A failure to hold, on the other hand, would likely mean more re-pricing before any meaningful recovery gets underway. The next few sessions around this support level will go a long way in determining SOFI's medium-term direction.
Peter Smith
