Is it possible to have release strategy for sales order?

As such SAP standard does not provide release strategy for sales orders similar to purchase orders. However this requirement of your can be satisfied through authorisation profiles; what I mean to say is that the sale order to be kept incomplete by the person who does not have the required authorisation & the person with proper authorisation will complete
it for further processing. This is only one way of meeting your requirement.

In order to emulate a release strategy similar to purchase orders you can use the status profile in sales documents (BS02). IMG-Sales and distribution-Sales-Sales documents-Define and assign status profile.