Right
垂 means 'to hang down, droop' — drawn as branches drooping from a tree. Combined with the eye on the left, the whole forms a compound ideograph: drooping eyelids, the visible image of falling asleep.
垂 is semantic here, not phonetic — chuí does not match shuì, though they are graphically close. Same family:
唾,
锤,
陲.