Financial technology (fintech) stocks are staging a massive rally during Friday’s midday trading. The rally was strong enough to reverse some of the more recent losses suffered by the sector. One of the strongest stocks in this rally is SoFi technologies (NASDAQ:SOFI). SOFI stock is up 18% today as of this writing.

Keep in mind though, SOFI stock has been on a crushing downtrend for a few weeks now. SOFI has lost nearly 57% of its value since the start of the year. There have been many points when I thought the downtrend had been overdone.

One of the first things you learn in technical analysis is never to go against the trend. SOFI stock has been a sore point in many investors’ portfolios. However, the question is whether or not this is a dead cat bounce.

Whether we will be seeing a lower low on the stock is hard to tell. However fundamentally long-term, the company is on a very solid footing. Many analysts actually put SOFI stock at a tier above its competition. For example, Oppenheimer analyst Dominick Gabriele wrote “SOFI is more fee-driven today and their originated loans are super prime in both student and personal […] We’re less focused on credit for SOFI vs. other lenders.”

Mizuho analyst Dan Dolev had the same sentiment. Most of SOFI’s major metrics are up with the company recently increasing its guidance. The company is expecting net revenue for the second quarter to be between $330 and $340 million. SoFi’s ramp-up in personal loans should help in this regard.

Given the company’s continued growth, I still have a lot of confidence in SOFI stock. There is still the possibility of a downturn in stock price. Despite this risk, as a long-term growth play in the fintech sector, SoFi’s story still seems to be intact. I am hoping for a rebound by 2023.

On the date of publication, Joseph Nograles held a long position in SOFI stock. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.