From here, class Traversable is a Functor and a Foldable, and must satisfy the laws:
And Foldable see more here. That means that it can be folded (foldMap, foldr, foldl...)
traverse function must satisfy the laws:
naturality:
t . traverse f = traverse (t . f) for every applicative transformation t
identity
traverse Identity = Identity
composition
traverse (Compose . fmap g . f) = Compose . fmap (traverse g) . traverse f
and sequenceA:
naturality
t . sequenceA = sequenceA . fmap t for every applicative transformation t
identity
sequenceA . fmap Identity = Identity
composition
sequenceA . fmap Compose = Compose . fmap sequenceA . sequenceA
Which fact does sequenceA use: t being a Functor type, t being a Foldable type, or both?
Traversable, as its definition says (and the laws quoted above):
class (Functor t, Foldable t) => Traversable t where
is both, a Functor and a Foldable, by the laws it has to obey, it is not only a Functor, is more specific than a Functor (but still a Functor because satisfies the laws of Functor and can use the functions of its typeclass interface), and even more specific than Foldable, hence powerful, less general, with more constraints.
And what's the fact? The definition, but why the designer of Traversable choose those two? Because is useful, as you can see in @Daniel Wagner answer. Other examples:
instance Traversable [] where
traverse f = List.foldr cons_f (pure [])
where cons_f x ys = liftA2 (:) (f x) ys
this one uses foldr
instance Foldable [] where
elem = List.elem
foldl = List.foldl
foldl' = List.foldl'
foldl1 = List.foldl1
foldr = List.foldr
foldr1 = List.foldr1
length = List.length
maximum = List.maximum
minimum = List.minimum
null = List.null
product = List.product
sum = List.sum
toList = id
So, Traverse is a Functor and a Foldable so you could use the functions of its interface when needed. (as in the example, is just an example not a justification of why the designer chooses to define Traversable with Functor and Foldable), is because is useful.