Layer-1 blockchain Sui ($SUI) has had a breakout week.
The $SUI token is up 74% in the past 7 days and 12% in the last 24 hours, compared to only a 12% gain for Bitcoin in the last week. Trading volume has exploded to $3.61 billion—a more than 10x surge from volume levels in early April—and the project has regained a $10 billion market cap for the first time since January.
This incredible performance comes amid a slew of fundamental catalysts for the Layer-1 network. Crypto firm Grayscale just launched its Sui Trust fund on April 23, giving Wall Street and ordinary investors who don’t have their own crypto wallets a way to invest in the $SUI token.
Just 48 hours later, Sui announced a partnership with xPortal and xMone to launch a virtual Mastercard in Europe. The new card is expected to have around 2.5 million users initially and will be accepted at more than 20,000 businesses that already use Apple Pay and Google Pay.
The initiative has big implications for Sui’s future. According to Christian Thompson, Managing Director of the Sui Foundation, the new partnership and Mastercard “is a significant step towards making the Sui ecosystem more accessible to everyday consumers.”
What’s Next for Sui? Analysts Predict $7 Price Target or Higher
After this week’s 74% jump, where will Sui go from here?
Many analysts are eyeing the $SUI technical chart for clues and finding indications that the token could be headed for a band of resistance around $7. That would represent a nearly 100% gain from the token’s current price of $3.68.
However, some analysts are even more bullish and suggest that $SUI won’t stop at this $7 resistance level. Open4Profit identified an upward-trending channel on April 23—when $SUI was priced under $3—that could culminate in the token pushing up to $12 or $13.
Long-term predictions are even more aggressive, with some investors and analysts pointing to Grayscale’s Sui Trust as a major tailwind for the project that could bring it attention from institutional investors. A crypto bull run could also be in the making, and Sui’s momentum now could set it up to be one of the biggest winners of the next cycle.
Solaxy Layer-2 Raises $31 Million, Launches Testnet
While Sui is dominating the Layer-1 market, it’s not the only blockchain making headlines right now. Solaxy ($SOLX), a new Layer-2 scaling solution for the Solana ecosystem, is building momentum with a $31 million presale raise and the launch of its testnet.
Solaxy aims to do for Solana what Sui is doing for Layer-1 blockchains: speed up transactions, slash gas fees, and build the infrastructure needed for the next generation of Web3. Solaxy is especially noteworthy because of Solana’s popularity and its problems with network congestion, which the new Layer-2 will finally put an end to.
Solaxy also has a ready audience in Solana meme coin traders, who are likely to flock to the new Layer-2 en masse in order to take advantage of its faster executions and reduced gas fees. That could create explosive momentum behind Solaxy’s launch and drive huge demand for the $SOLX token, which will be required to pay for gas fees on the new network.
In fact, The Coin Cave recently predicted that the price of $SOLX could rocket 100x or more after launch, making this one of the most explosive tokens of the year.
Solaxy is nearing the final stages of its presale and investors have been buying up $SOLX tokens at rapid pace to get in before it hits exchanges. The project is also generously rewarding early investors with staking APYs up to 127%.
With the Solaxy block explorer now live and an Ethereum-Solana bridge expected soon, it won’t be long before this project makes its official debut.
This article is for informational purposes only and does not provide financial advice. Cryptocurrencies are highly volatile, and the market can be unpredictable. Always perform thorough research before making any cryptocurrency-related decisions.