SONIC Booms To The Top

The crypto market experienced its first significant correction, shedding over $227 billion in value. Bitcoin’s drop below the $100,000 mark triggered declines across several altcoins, adding to the bearish momentum.

BeInCrypto has analyzed three altcoins that have captured attention and are trending today, trending for unique reasons amidst the market turmoil.

SonicSVM (SONIC)

SONIC gained significant attention in the crypto market over the last 24 hours due to its highly anticipated token generation event on Tuesday. This event has positioned SONIC as a trending topic within the altcoin space, highlighting its growing presence in the blockchain gaming ecosystem.

As part of the layer-2 gaming chain’s development on Solana, SONIC announced that participants in its TikTok-inspired tap-to-earn game would receive airdropped tokens based on their in-app progress. This strategic move aims to incentivize user engagement while enhancing the token’s utility within the platform.

After its launch, SONIC experienced a notable price surge from its initial listing, currently trading at $0.93. The token is attempting to secure the $1.00 level as support. However, bearish market conditions might challenge its ability to sustain this critical level, potentially affecting its short-term outlook.

Virtuals Protocol (VIRTUAL)

VIRTUALS price has been under scrutiny following a significant 23% decline over the past week. This drop marked a sharp reversal from its previously bullish trajectory, raising concerns among investors about the altcoin’s ability to regain momentum in the near term. 

The loss was particularly notable as VIRTUAL had surged by 155% just a month prior, reaching a new all-time high of $5.25. This rapid rise showcased strong market confidence at the time, but the subsequent correction has left investors reevaluating their positions.

Currently holding above $3.26, VIRTUAL has an opportunity to recover, provided investors resist the urge to sell. A breach below $3.26, however, could invalidate any chances of recovery, leaving the altcoin vulnerable to further declines.

Sui (SUI)

SUI’s price mirrored VIRTUAL’s trajectory, recording a 14.6% decline within 72 hours after reaching a new all-time high (ATH) of $5.36. The sudden drop highlighted increasing selling pressure in the market.

The 28% year-to-date gains partially reversed as SUI slipped through $4.79 support, currently trading at $4.58. Bouncing off $4.05 support kept further losses at bay, but investors remain cautious.

A continued drawdown could see SUI retesting the critical $4.05 support level. However, reclaiming $4.79 as support might invalidate the bearish sentiment, enabling the altcoin to regain its upward momentum.