is it even possible to get my X2 project to open in the new software?

Yes, projects are always forward compatible. It is highly recommended to save the cwp with a new name after opening (and acknowledging what missing plugins you have).
 
The only "break point" I am aware of with backwards compatability is cwps with Patch Points/AUX tracks (later SONAR and CbB) cannot be opened by versions of SONAR which do not support those features (i.e., anything X3 or earlier).

Mettelus is correct,
 
Cakewalk by Bandlab (CbB), is the former Cakewalk Sonar with several improvements.  Have you not opened it and looked around yet? 
 
You should not have any major problems opening your Sonar X2 projects in CbB.  You may have a few missing plugins that you will need to replace and in addition, make sure that your buses are still available as well as all outs are pointing to the master bus, Those little pesky things.  If the project had Midi elements and the VST instrument is no longer available, that part will be missing as well.
 
Save your new project with a new name and in a new folder respectful of the new CbB projects.

As already said no problems at all.  Best practice if it's a new machine is fully install X2 and all the goodies you have bought.
Then install Bandlab version. You can have both version installed.
 
And best that you have saved all your projects as CWP files,, not CWB as those from time to time fail.