Sui [SUI] dropped 5% over the past 24 hours despite a nearly 10% rise in daily trading volume. This sudden price dip suggests sellers gained the upper hand briefly, contrasting with the uptick in activity. Meanwhile, major cryptocurrencies also faced losses: Bitcoin [BTC] slid 1.05%, and Ethereum [ETH] fell 1.14%, showing Sui’s recent weakness compared to these market leaders.
Unexpected Move After Coinbase Staking Launch
The recent announcement by Coinbase allowing users to stake SUI directly on its platform created anticipation for bullish momentum. Staking rewards now accumulate automatically in users’ accounts, offering a hassle-free income stream. Yet, rather than sparking an immediate rally, the news triggered a sell-the-news reaction, pushing prices down.
Trader Ted highlighted that this staking feature could help Sui break above its descending trendline resistance seen since early June. The token has found strong support around $0.66 so far, holding that line well despite the recent dip. Ted suggested the market may see some sideways consolidation before attempting a bullish breakout.
Technical Indicators Suggest Range Trading
The swing low at $0.65 from June remains a key support. The daily RSI briefly climbed above the neutral 50 mark but tumbled back after three days of losses, indicating weakening momentum. On-chain volume (OBV) has been trending downward, though selling pressure has lessened in July.
Sui has been trading mostly between $0.70 and $0.77 this month. The 4-hour RSI recently dipped into oversold levels near the lower end of this range, hinting at a buying opportunity for short-term traders. However, a decisive breakout above the $0.82 resistance zone would offer a stronger signal for swing trading. Conversely, a drop below $0.65 could trigger a sharper bearish move.
From a technical perspective, a rally toward the $1.12 to $1.25 Fibonacci golden pocket remains possible but distant for now.
material informational, not financial advice
