SUI Token Drops 5% Despite Coinbase Staking Launch

The Sui token has experienced a 5% price drop in 24 hours despite Coinbase enabling direct staking for the asset. The unexpected sell-off occurred amid a broader crypto market downturn, with Bitcoin and Ethereum also down slightly.

Technical analysis shows that SUI is holding support around $0.66 but facing resistance near $0.82, suggesting traders watch for a breakout or breakdown. The token is currently trading within a narrow $0.70-$0.77 range, offering potential short-term trading opportunities while the market decides its next move.