Following the advent of decentralization in the crypto sphere, attention seemed to be shifting towards decentralized crypto projects, as these projects have proven to be more secure, resourceful, and overall free of regulatory body disturbances.
Among decentralized crypto platforms, which appear to attract crypto users’ interest, Solana seemed to top the chart. For context, Solana is an inflationary crypto and blockchain platform developed to host scalable applications.
Just like every crypto project, the present bearish market trend has also affected SOL, Solana’s native token, as it’s changing hands at $17.93 at the time of press.
Compared to SOL’s all-time high (ATH) of $259.96 recorded in November 2021, the current selling price would require a boost of approximately 1,350% to recover the ATH as it has declined by almost 93.1%.
While the decline above might be unimpressive, eliciting fear and doubt that could cause increased selling-off pressure, it is also an opportunity to leverage the low costs to accumulate SOL tokens.
Attaining SOL Millionaire Status At The Current Market State
While we anticipate an imminent SOL price surge once the crypto market rallies set in, no specific price target was highlighted to play out. However, reclaiming its ATH is feasible and can not be written off.
Should SOL attain its ATH mark, what amount of SOL holdings are required to achieve millionaire status? Also, what could be the return on investment for taking the risk of investing in SOL now with a millionaire status in view?
At its ATH of $259.96, approximately 3,850 SOL would be worth a million dollars. Accumulating 3,850 SOL tokens at the asset’s current price would require an investment capital of $69,100.
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Read Also: Here’s Why Anatoly Yakovenko Says Solana (SOL) Can Handle Hundreds of Millions of Users
A $69,100 investment fund turning into a million dollars invariably implies profits of about $931,000, which is quite a lucrative business deal.
Meanwhile, while Solana enthusiasts continue to anticipate a significant turnaround that would catapult SOL’s price to greater heights, Benjamin Cowen, a renowned crypto trader and Youtuber, forecasted a price movement for SOL similar to that of the 2019 Cardano (ADA) market turnaround.
According to Cowen’s sentiment, SOL might drop lower than $12, after which it would take on a more sustained upward trajectory like ADA. The Youtuber also noted that this positive U-turn could occur before the Bitcoin halving event slated for April 2024.
Hoping to learn more about the Solana ecosystem and its blockchain, we have an article carved out for you to that effect. Readers can check in to find out more about the decentralized project.
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