SoFi Technologies Inc (NASDAQ:SOFI) shares are trading lower on Wednesday as traders fade a recent crypto-product pop and reset risk in growth-leaning fintech names.

What’s Driving SoFi’s Recent Price Action?

SoFi says SoFiUSD is now available for members to buy, sell, hold and convert directly in the SoFi app, calling it the first time a U.S. national bank-issued stablecoin is available directly on a banking app. The company frames SoFiUSD as a "bank-grade," 1:1 redeemable U.S. dollar stablecoin on a public blockchain, with access expanded to nearly 15 million members.

SoFi is also getting a second, retail-trading narrative tailwind as SpaceX’s IPO prospectus language has circulated with talk of up to 30% of shares potentially allocated to retail, over three times the typical retail slice. That matters for SOFI because IPO access headlines can temporarily lift engagement expectations for brokerage-led product funnels.

SoFi Stock: Key Technical Levels To Watch

At $16.61, SoFi is trading 2.4% above its 20-day SMA ($16.24) but 0.8% below its 50-day SMA ($16.76), which is the kind of "stuck in the middle" posture that often shows up when a bounce starts to lose steam. Zooming out, the stock is still 12.5% below the 100-day SMA ($19.00) and 28.2% below the 200-day SMA ($23.16), so the longer-term trend remains a repair job rather than a clean uptrend.

MACD is the more useful momentum lens here: it's above its signal line with a positive histogram, which suggests downside pressure is easing versus the prior downswing even if price hasn't reclaimed the bigger moving averages yet. In plain terms, when MACD is above its signal line, it often means sellers are losing control and rallies have a better chance of following through.

The moving-average structure still carries baggage from the death cross in March (50-day SMA below the 200-day SMA), and the 20-day SMA sitting below the 50-day SMA also keeps near-term trend pressure tilted bearish. With a recent swing low in May and a swing high in April, this pullback is effectively testing whether the post-May rebound can hold above nearby reference levels or rolls back into the broader downtrend.

  • Key Support: $15.00 — a nearby level where buyers previously stepped in (tie it to the 52-week low zone, a moving average, or a recent pivot zone if supported by the data above).

What Is SoFi Technologies?

SoFi is a financial-services company that was founded in 2011 and is based in San Francisco. Initially known for its student loan refinancing business, the company has expanded its product offerings to include personal loans, credit cards, mortgages, investment accounts, banking services and financial planning.

The company aims to be a one-stop shop for customers' finances and operates through its mobile app and website. Through its acquisition of Galileo in 2020, SoFi also provides payment and account services that power debit cards and digital banking, which is why new product rollouts like a stablecoin feature can matter for engagement and cross-sell over time.

SoFi Technologies: Benzinga Edge Rankings Breakdown

Below is the Benzinga Edge scorecard for SoFi Technologies, highlighting its strengths and weaknesses compared to the broader market:

  • Momentum: Weak (Score: 18.96) — The stock's trend profile is still lagging, which fits with price sitting below key longer-term moving averages.
  • Growth: Strong (Score: 98.21) — The model flags SoFi as growth-heavy, which helps explain why product headlines can move the stock quickly.

The Verdict: SoFi Technologies’s Benzinga Edge signal reveals a growth-heavy profile paired with weak momentum. For longer-term bulls, the setup improves if the stock can rebuild trend strength by reclaiming the 50-day area and then working back toward the $19.00–$20.00 zone.

SoFi Stock Price Activity On Wednesday

SOFI Stock Price Activity: SoFi Technologies shares were down 6.37% at $16.61 at the time of publication on Wednesday, according to Benzinga Pro data.

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