Why These Altcoins Are Trending Today — January 8

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In simple terms, the cryptocurrency market saw a major dip, losing approximately 227 billion dollars of its worth. The fall in Bitcoin‘s value under 100,000 dollars sparked decreases in various other digital currencies, further fueling a negative trend.

As a dedicated researcher, I’ve delved into an intriguing analysis of three altcoins that are currently generating buzz and standing out in the tumultuous crypto market. Each of these coins is trending due to its distinct factors.

SonicSVM (SONIC)

Over the past day, I’ve noticed a surge of interest in SONIC within the crypto market. The anticipation surrounding its token generation event on Tuesday has certainly put SONIC on everyone’s lips, making it a hot topic in the altcoin sphere. This event underscores the expanding influence of SONIC within the blockchain gaming ecosystem, where its presence is becoming increasingly prominent.

In the process of building the gaming network for layer-2 on Solana, SONIC declared that players of its TikTok-style “tap-to-earn” game would be awarded airdropped tokens according to their in-app achievements. This tactic is designed to stimulate user interaction and boost the token’s practicality within the platform.

Following its debut, I’ve observed a substantial price increase for SONIC, now trading at approximately $0.93. The token is making an effort to establish the $1.00 mark as a support level. Yet, the bearish market trends may pose a threat to its ability to maintain this crucial level, which could influence its immediate future trajectory.

Virtuals Protocol (VIRTUAL)

The cost of VIRTUALS is currently being examined due to a notable 23% decrease observed over the last week. This decline represents a sharp contrast to its earlier optimistic trend, leading investors to worry about VIRTUALS’ capacity to recover quickly in the upcoming days.

The significant decline is noteworthy given that VIRTUAL had experienced an impressive 155% increase over the past month, peaking at a record high of $5.25. This swift upward trend indicated robust market faith at the time, but the subsequent adjustment has led investors to reassess their investments.

Right now, VIRTUAL is trading above $3.26 and there’s a potential for it to bounce back if investors choose not to offload their holdings. But if VIRTUAL falls below $3.26, this could undermine any prospects of recovery, making the altcoin susceptible to additional drops.

Sui (SUI)

In simple terms, the cost of SUI followed a similar pattern as VIRTUAL, experiencing a 14.6% decrease over a period of 72 hours following its record-breaking all-time high ($5.36). This swift descent underscored an escalating trend of sellers in the market.

Initially, the stock had a 28% increase this year, but then some of those gains were lost as SUI fell below its $4.79 support level and is now trading at $4.58. However, it managed to bounce back from the $4.05 support, preventing additional declines. Still, investors are keeping a watchful eye on the situation.

If the downward trend persists, the value of SUI may drop back towards the crucial support of $4.05. Yet, if $4.79 becomes a new support level, it could challenge the negative outlook, potentially allowing the cryptocurrency to resume its bullish trend.

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2025-01-08 18:08