Spotify (SPOT) Shares Rise by Nearly 7%
According to the stock chart of music streaming giant Spotify (SPOT), the share price:
Increased by almost 7% by the end of trading on Friday.
Has surged approximately 28% since the start of 2025one of the strongest performances in the stock market.
Has nearly doubled over the past 12 months.
Why Is Spotify (SPOT) Stock Rising?
As we noted late last year, investors have responded enthusiastically to the launch of the Premium plan, which offers higher-quality, ad-free music streaming and is expected to boost the companys revenue.
Additionally, on Friday, Spotify announced that it had paid out around $10 billion in royalties to artists during 2024. By comparison, in 2014, this figure was just $1 billion.
Technical Analysis of Spotify (SPOT) Stock
Drawing a parallel with musical notes on a staff, the price action appears to be playing a "bullish melody," rising while interacting with a structure of four ascending lines that alternate between support (one of many examples marked with an arrow) and resistance.
In March, the price tested support at Line Two, which was reinforced by the psychological level of $500 per share. If bullish momentum remains strong, buyers may attempt to push the stock back into the range between Lines Three and Four.
Spotify (SPOT) Stock Forecast
According to TipRanks:
Analysts have an average 12-month price target of $671 for SPOT shares.
17 out of 26 analysts recommend buying SPOT stock.
Read more: https://fxopen.com/blog/en/oa-spotify-spot-shares-rise-by-nearly-7/
Text source: Forex Trading Blog
