Solana (SOL) stands out as a crypto-computing platform aiming for rapid transaction speeds while upholding decentralization. Within Solana’s ecosystem, the native cryptocurrency SOL plays a pivotal role, facilitating transaction fee payments and staking activities.
Solana (SOL) faced significant challenges following the FTX collapse in 2022. Its Total Value Locked (TVL) declined by more than 90%, dropping from $6.68 billion in January to $206 million by December. However, the SOL asset has shown a remarkable comeback in the past year.
At the time of writing, the SOL Coin has shown impressive growth, with a 2.77% increase in daily charts and a notable 13.4% rise over the last month. Notably, the SOL asset’s price has surged by an impressive 382% since February 2023.
Becoming a Millionaire with Solana (SOL) by 2024: Is It Possible?
According to our expert’s analysis, the SOL Coin could potentially hit a peak price of $277.56 by the end of 2024. To have a million-dollar investment in SOL at $277.56 per coin, you will need approximately 3,602.82 tokens. Currently, obtaining 3,602.82 tokens would cost you around $389.105.05. This investment is projected to yield a 250% increase in portfolio value.
On the other hand, the FinanceShots platform predicts that the price of the Solana (SOL) will reach a maximum level of $166.27 by the end of 2024. To have $1 million worth of SOL at $166.27 per coin, you would require approximately 6014.31 tokens. The current cost of 6014.31 tokens is around $652,793.64. If this forecast materializes, the portfolio’s value will increase by approximately 46.8%.
There’s also a chance that the Solana (SOL) coin could surpass our expectations if we see a bullish trend in the crypto market. Many popular crypto analysts predict a potential bull market later this year, driven by Bitcoin’s (BTC) halving in April and the potential approval of a spot Ethereum (ETH) ETF by the US SEC.
Disclaimer
The information in this article should not be considered financial advice, and the OvenAdd platform is intended only to provide educational and general information. Please conduct your own research and consult a financial advisor before making any investment choices.
