Layer-1 Blockchain Sui (SUI) Had a Breakout Week, Up 74%

Layer-1 blockchain Sui ($SUI) has had a breakout week.

Layer-1 blockchain Sui (CRYPTO: SUI) has certainly been having a breakout week, with its token price surging 74% in the last seven days compared to Bitcoin's (CRYPTO: BTC) 12% gain over the same period.

What Happened: As of Thursday morning, the Sui token is priced at $3.68 and has risen 12% in the last 24 hours. The token's price is now up 74% in the past week.

The incredible performance comes amid a slew of fundamental catalysts for the Layer-1 network. Crypto firm Grayscale (NYSE: GRAY announced on April 23 that it is launching a Sui Trust fund, which will allow Wall Street and ordinary investors who don't have their own crypto wallets 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. As Christian Thompson, Managing Director of the Sui Foundation, explained, the new partnership and Mastercard "is a significant step towards making the Sui ecosystem more accessible to everyday consumers."

What Next For Sui: Analysts Predict $7 Price Target

After this week's 74% jump, where will Sui go from here? Many analysts are now 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.

Many analysts are now eyeing the SUI technical chart for clues and finding indications that the token could be headed for a band of resistance around $7. From there, the cryptocurrency could continue to move higher to reach the next resistance level at $10 to $13 later this year.

"The strong weekly candle with an impulsive structure has confirmed the trend shift," technical analyst FX Empire explained in a recent post. "The next short-term pullback should hold above the April low, paving the way for continued upside in the coming months."

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.

"The $SUI is moving in a clean uptrend and touched 3$, "the analyst explained in a recent post. "Looking at the pattern, if this trend holds, the next possible target could be in the $12–13 range (yep, that green box up top). As long as it stays inside this channel, the bulls are in control."

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 (CRYPTO: SOL) ecosystem, is also building momentum with a $31 million presale and the launch of its testnet.

Solaxy aims to do for Solana what Sui is doing for Layer-1 chains: 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 will also have 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 explosively hot tokens of the year.

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.

Visit Solaxy Presale

This article is for informational purposes only and does not provide financial advice. Cryptocurrencies are highly