Amid Market Turmoil, Three Altcoins Capture Attention: SONIC, VIRTUAL, and SUI

The crypto market experienced its first significant correction, shedding over $227 billion in value. Bitcoin's drop below the $100,000 mark

BeInCrypto has scanned the markets and identified three altcoins that have grabbed attention and are trending today, each standing out for unique reasons amid the market turmoil.

SonicSVM (SONIC) gained significant attention in the crypto market over the last 24 hours. This interest can be attributed to a highly anticipated token generation event that is set to take place on Tuesday. The event has made SONIC 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 will receive airdropped tokens. The airdrop is being carried out based on the users’ progress within the application. This move aims to incentivize user engagement while enhancing the token’s utility within the platform.

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

Virtuals Protocol (VIRTUAL) price has been under close watch 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 enjoyed 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) price mirrored VIRTUAL’s trajectory, recording a 14.6% decline within 72 hours after reaching a new all-time high (ATH) of $5.36, highlighting 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 are observing this level closely.

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.