Since its 2022 meltdown in the wake of the FTX cryptocurrency exchange scandal, Solana (SOL) has significantly recovered. SOL’s price crashed following the exchange’s collapse in November 2022, hitting $10 by late December 2022. SOL has performed admirably since its 2022 lows, regaining the $200 mark earlier this year. Since August 2023, the asset has increased by 650%.
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Solana’s Recovery & Performance
Despite the incredible performance, SOL has faced a slight correction over the last few days, falling 4.7% in the daily charts and 16.3% over the previous month.
Can $1000 Worth of SOL Become $1 Million by 2030?
If you buy $1000 worth of Solana (SOL) today, you will receive about 6.50 coins at $153.7 per coin. For 6.50 SOL to be worth a million dollars, each coin has to reach a price of $153,846.15, almost double that of Bitcoin’s (BTC) all-time high. The asset must rally by 99,995% to get this price level.
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The Likelihood of Reaching $1 Million
It is unlikely for Solana (SOL) to reach such a high price point in just six years. Bitcoin (BTC) has displayed similar growth over the last 15 years, but the largest cryptocurrency by market cap has the benefit of being the first on the scene. SOL is a solid crypto project and a strong contender to Ethereum (ETH), but the asset will likely not rally nearly 100,000% quickly.
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According to the analysts at Changelly, SOL could hit a maximum price of $64,997 by December 2050, about 26 years from now, which is still less than half of the required amount to be a millionaire with $1000 worth of SOL today.