Sui Suffers 5% Price Drop as Trading Volume Surges Amidst Coinbase Staking News

Sui has been facing some challenges in recent days, experiencing a 5% price drop over the past 24 hours. This decline was accompanied by a 9.6% increase in daily trading volume, indicating that selling pressure is on the rise.

Compared to other major cryptocurrencies like Bitcoin and Ethereum, Sui's losses are somewhat steeper. Bitcoin dropped 1.05%, while Ethereum fell by 1.14% over the same period.

The recent downturn in Sui's price may come as a surprise given the bullish news that has been circulating about the asset. Coinbase announced that users can now stake their SUI directly on the exchange, earning rewards without any hassle.

Traders like Ted are optimistic about this development, believing it could help Sui break past its descending trendline resistance and potentially even reach a price of $1.12-$1.25, based on Fibonacci analysis.