Altcoins Plummet: MAGA, PENGU, Sonic Hit All-Time Lows

Three altcoins reached all-time lows on January 28, as the crypto market recovered from Monday's sharp losses. Despite the broader market rebound, some tokens failed to recover fully, leaving them vulnerable to further price erosion.

Maga (MAGA) has seen a significant decline over the past 12 days, dropping 74% since Donald Trump became President of the United States. The altcoin's rapid downturn reflects a waning hype surrounding the meme coin, leaving it vulnerable to further price erosion. Currently trading at $0.00003077, MAGA formed a new all-time low of $0.00002768 after losing critical support levels at $0.00005293 and $0.00004196. The failure to hold these key levels has intensified bearish momentum, discouraging investor confidence in the short term. However, MAGA could invalidate this bearish outlook if it reclaims $0.00004196 as a support level, offering a chance to recover its recent losses.

Pudgy Penguins (PENGU) has faced a steep 28% decline in the past 24 hours, falling to $0.0176 during intraday lows, marking a new all-time low. This significant drop reflects intense bearish pressure and highlights the altcoin's struggle to maintain any upward momentum in the current market environment. The fear of further decline looms as bearish market cues persist. If the selling pressure continues, PENGU could drop further to $0.0150 or lower. This extended drawdown would exacerbate losses, leaving investors cautious about re-entering the market until stabilization occurs. However, if PENGU manages to reclaim the $0.0225 support level, the bearish outlook could be invalidated. Such a recovery might provide the altcoin with an opportunity to regain investor confidence and initiate a broader upward trend, potentially offsetting recent losses.

Sonic (S) – Previously Fantom (FTM) – hit a new all-time low in the last 24 hours, reflecting bearish sentiment following its migration from Fantom to Sonic. The transition has not garnered the positive reception developers might have hoped for, leaving the altcoin vulnerable to further downward pressure. Currently trading at $0.4