Solana (SOL) is among the best-performing cryptocurrencies of 2023. Since January, the asset’s price has surged by nearly 1000%. SOL recently hit a yearly high of $123.68 but has since dropped to the near $100 level. The token has faced a 6.4% correction in the last 24 hours.
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Despite the recent drop in price, Solana (SOL) remains the top project among all the major cryptocurrencies. The asset has even outperformed Bitcoin (BTC), which has risen by about 160% since January 2023.
How much Solana (SOL) is needed to be a millionaire when it hits $200?
If SOL reaches a price of $200, it would represent a growth of over 90% from current levels. To have one million dollars worth of SOL at $2500, an investor would need 5000 tokens. The price of 5000 SOL tokens right now is around $523,000.
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Furthermore, reaching $200 is not an unattainable target for Solana (SOL), given that the token’s all-time high is $259.96, which it attained in November 2021, about two years ago. If the crypto market enters another 2021-like bull run next year, SOL may reclaim or surpass its previous all-time high. Many analysts anticipate a bull market in 2024, fuelled by the possible approval of a spot Bitcoin (BTC) ETF (Exchange Traded Fund) and BTC’s halving event in April.
However, according to Changelly, SOL might not reach the $200 mark till at least October 2025, almost two years from now. As for 2024, the platform anticipates the token to hover just below or at around $100 for most of the year. Nonetheless, Changelly’s prediction for SOL may change if we enter a bull market next year. However, there is also a possibility that the spot BTC ETF could be another “sell the news” event, which does not do much to push the market.