SoFi Stock Struggles: Crypto Hopes, $20 Barrier?

SoFi (SOFI) has experienced a difficult 2026, with its stock value decreasing by approximately 27% year-to-date. After reaching a peak above $30 last year, the stock has been unable to sustain prices above $20 for several months. While intermittent rallies have occurred, including a nearly 14% rise in the past month, SOFI stock consistently retreats as it approaches the $20 threshold.

The recent upward movement in SOFI's stock appears to be influenced by a resurgence in cryptocurrency market sentiment. SoFi relaunched its crypto trading services late last year. This move coincided with a downturn in digital assets, which negatively impacted related stocks.

However, the digital asset market has seen a rebound, partly due to recent political developments. U.S. President Donald Trump has urged Congress to pass the Digital Asset Market Clarity (CLARITY) Act. This advocacy, highlighted at a White House event attended by cryptocurrency exchange executives, aims to provide a clearer regulatory framework.

Although SoFi is not exclusively a cryptocurrency play like Coinbase or Robinhood, its stock performance has shown a correlation with Bitcoin prices in recent months. Analyst sentiment remains divided. Piper Sandler initiated coverage with an 'Overweight' rating and a $22 target price earlier this month. However, SoFi holds a consensus 'Hold' rating from 26 analysts, with a mean target price of $20.11, indicating modest potential upside.