How Many Solana SOL to Become a Crypto Millionaire?

In our “How many  X to be a millionaire” series, we usually target projects people LOVE. Projects that people happily stack in all markets. But not so today.

A top project but a controversial one:

  • VC-backed.
  • Recent network issues.
  • Arguments of centralization abound.
  • Association with the biggest fraud in crypto as Alameda and FTX were big investors.

Helped make this project one of the dogs of the industry for a while. But its fan base is more loyal than ever and the worst seems to be over. Who are we talking about? Solana. So let’s see how many SOLs it takes to make you a millionaire.

SOL Historical Performance

Before I come to an exact number of Solana you need to become a millionaire, you and I need to understand where SOL could go from here. And to do that, we first need to understand where it’s been. Solana was one of the dogs of the market for most of this bear market. And understandably so.

It had a close relationship with SBF and Alameda. Alameda still owns a lot of SOL. More on that in a second. It had an issue with network outages and claims of centralization based on how they managed those outages.

The lowest price of SOL was $9.60 in December of 2022. It’s done a 5x since then. Yet, it’s still 75% off of its all-time high of $259. It’s almost a 4x return from here just to return to the previous high. So, Solana fought off all that bad news and hype and is now the #6 coin in the market. The SOL market cap is just over $25 billion.

The total supply of SOL is 563 million, with 80% or 423 million in circulation. Its recent all-time high was 2 years ago at the very end of the last bull market in November 2021. The all-time low from 3 yrs ago is 50 cents. Those days are long gone. 

Back to the Alameda issues, depending on your source Alameda owns between 8-13% of the total supply of SOL. As part of their bankruptcy, there is a schedule of when the tokens unlock so creditors can sell them to reclaim money for Alameda customers. Now MOST of these tokens are locked in staking or other vesting agreements and those unlocks don’t happen until 2025. 

So this is something to know about but not worry about. At least not yet. A lot can happen in 18 months. But could Solana hit new all-time highs and make some millionaires? Yes, yes it can. Do you think SOL will hit a new all-time high? Let us know in the comments below.

What do the SOL Charts Say?

We asked our Technical Analysis team to look at SOL and here’s what they had to say. Resistance for almost 18 months was at the recent high of $53.65 from May of 2022. SOL just broke that resistance for the first time in mid-November. Since then, the price has been in a steady uptrend.

Source: CoinGecko

Other long-term resistance points before testing the high of $259 are at $89, $134, $146, and $196. Long-term support is down at $9.60. Failure to break through these resistance points could create trading ranges until a break of local support or resistance moves it ahead. The charts look positive at this stage.

How Much SOL = $1 million?

We like SOL for:

  • Its resiliency in the face of bad public news and network outages. And the outage issue seems to be fixed now.
  • It is the only real alternative for ETH for NFT Collections aside from Bitcoin Ordinals.
  • DeFi is growing FAST. They have grown TVL 129% in the last 30 days alone. They are the top non-ETH or EVM chain after Tron.
  • Price took a HUGE hit in the bear market and SBF/Alameda stuff and bounced back.
  • It’s a real layer 1 challenger to ETH.

So how much SOL does it take? In the next 2-5 years, we see SOL going up to $500-1000. That would mean SOL is worth 200-400 billion. That’s the range where Ethereum is now. So at $500, that means you would need  2000 SOL.

Or in the upper end of our range, you would need 1000 SOL to become a Solana millionaire. And at today’s price, you can get 2000 SOL for $120,000. That would be an 8x return at $500. Could SOL hit $500-1000? Let us know in the comments below.

The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted risk tolerance levels of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses you may incur due to any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd.


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