Hi Vikram,
Yeah, it's possible to add more animation for Megamenu. Here is the how-to steps:
1. Add more value for parameter animation by overriding the navigation_animation parameter. For this, please refer to the documentation:
http://t3-framework.org/documentation/new-features#isolate-template, the section: "8. Override/Extend template parameters"
2. Define style for new animation style
Gardner