Coinbase opens SUI pledge, token price approaches US$0.78 mark

Coinbase launched SUI pledge service. Sui tested the resistance level of US$0.78.

Coinbase has launched SUI pledge service. The minimum pledge quantity is 1 token, and the estimated annualized rate of return is between 1.4% and 3.3%. Meanwhile, Sui token prices are testing resistance around $0.78.

Summary of Points

Coinbase launched SUI pledge service with an estimated annualized rate of return between 1.4% and 3.3%.
SUI is testing the resistance level of US$0.78, and if a breakthrough is confirmed, the target price is approximately US$0.91.
Sui's Hashi testnet has let more than 25 partners test bitcoin-based financial applications.

Coinbase announced the launch of the service on July 22. Eligible users can pledge SUI and receive rewards without transferring tokens out of the platform. The company describes the service as a direct account feature, but access depends on the user's region.

"You can now pledge SUI directly on Coinbase," the exchange wrote in the announcement, adding that rewards will be credited directly to user accounts. According to Coinbase regulations, eligible users can pledge at least 1 SUI. The annualized yield is expected to be between 1.4% and 3.3%, but the interest rates offered by the exchange may change as pledge income depends on network conditions and other factors.

Coinbase will allocate SUI rewards every 24 hours after the end of the Internet Era, rather than being paid weekly or monthly. The exchange will also include these rewards into the user's pledge balance through an automatic re-investment mechanism, so that subsequent earnings can be accumulated based on the updated amount.

This product is still subject to regional restrictions. Coinbase pointed out that some jurisdictions cannot use pledge services and emphasized that the published yield ranges are estimates rather than guaranteed returns. The company also stated that its announcement did not constitute investment advice and did not recommend buying or selling SUI.

Pledge services bring new catalyst to SUI

The TradingView chart obtained on July 22 shows that the trading price of SUI on the currency is approximately US$0.772, slightly lower than the resistance area that has suppressed gains many times since June. On the 4-hour chart, SUI formed a series of higher lows below horizontal resistance around $0.7806. The structure is similar to a rising triangle, with an uptrend line extending from a low of about $0.65 at the end of June to current prices.

According to the chart structure, a breakthrough can be confirmed if the 4-hour closing price is above US$0.7806 and buying follows up. The measurement target for this pattern is approximately US$0.9095, which means that it may increase by approximately 16.7% from the breakthrough level, but this is not a guaranteed target price. Kinetic indicators showed mixed but generally positive signals. The 4-hour relative strength index was 59.97, which was lower than its signal average of 61.75 and well below the regular overbought threshold of 70. As a result, SUI still has room to rise, but a slight slowdown in the RSI suggests buyers have not yet fully confirmed a breakthrough.

Aroon indicators provide a more cautious signal, with Aroon Down at 42.86% and Aroon Up at 7.14%. Under this indicator, higher downside readings suggest that recent upward momentum has weakened, although prices remain above the rising support line. Daily indicators showed more obvious signs of attracting funds. The chart provided shows that the MACD line is 0.0063, which is higher than the signal line 0.0040, while the positive bar chart is starting to expand. The Chaikin Money Flow Indicator is 0.10, indicating that buying pressure exceeded selling pressure during the measurement period.

SUI must first break through US$0.8188 (from US$1.4246 to the 78.6% Fibonacci retracement level of US$0.6539) for the daily chart to support a larger rally. Above this resistance level, the displayed Fibonacci levels position the next resistance area at $0.9483 and $1.0392. If it fails to break through the US$0.78 to US$0.82 range, SUI will remain within the current consolidation range. According to the chart, the 4-hour uptrend line provides initial dynamic support around $0.74, while the daily swing low of $0.6539 remains the main downside level.

Hashi Test Network expands Bitcoin activities on Sui

In parallel with Coinbase's launch of pledge services, Sui's Hashi testnet has provided developers, institutions, custodians and infrastructure providers with an environment to test bitcoin-based financial applications before being launched on the main network. The Sui Foundation said that more than 25 ecosystem partners have joined the testing phase. Hashi combines the Sui network with a security system called the "Guardian Layer", which aims to give participants more control over the bitcoin used as collateral, while maintaining transparency and on-chain programmability of transactions.

Through the testnet, participating companies can experiment with bitcoin-backed lending, credit products and yield strategies without having to deploy these services on the final network. The Sui Foundation also identified Wave Digital Assets as a launching partner for participating institutional testing. On the same day Coinbase's pledge service was launched, the exchange and the U.S. Securities and Exchange Commission also ended a long-running Freedom of Information Act dispute. Under the settlement, the SEC agreed to pay Coinbase $150,000. Coinbase's share price did not follow the positive product news that day. COIN fell 3.65% to US$169.42 intraday, as its share price performance diverged from SUI's attempt to break through short-term resistance.