How to Buy Solana

Solana (SOL) cryptocurrency ranks at 8 place by capitalization. It’s 15 May 2024 on $69,256,654,753 year. Circulating supply: 448,656,239. Maximum supply – N/A. The price of SOL for today – $154.48 with trading volume of $2,824,162,973 for 24 hours. The maximum price of Solana was registered on 6 November 2021 year and was – $259.96. The lowest price of SOL, $0.5008, was registered on 11 May 2020.
Solana (SOL)
$154.48 +6.97% ↑
24h price change
$10.07
Capitalization
$69,256,654,753
24h trading volume
$2,824,162,973
on the official website

How to Buy Solana Price in USD: Convert to US Dollar

SOL
SolanaSOLSolana
BitcoinBTCBitcoin
EthereumETHEthereum
TetherUSDTTether
BNBBNBBNB
USDCUSDCUSDC
XRPXRPXRP
Lido Staked EtherSTETHLido Staked Ether
ToncoinTONToncoin
DogecoinDOGEDogecoin
CardanoADACardano
Shiba InuSHIBShiba Inu
AvalancheAVAXAvalanche
TRONTRXTRON
Wrapped BitcoinWBTCWrapped Bitcoin
PolkadotDOTPolkadot
Bitcoin CashBCHBitcoin Cash
NEAR ProtocolNEARNEAR Protocol
ChainlinkLINKChainlink
PolygonMATICPolygon
US Dollar
USD
US DollarUSDUS Dollar
/wp-content/themes/tgd/assets/images/content/flag_eu.svgEUREuro
/wp-content/themes/tgd/assets/images/content/flag_ru.svgRUBRussian Ruble
/wp-content/themes/tgd/assets/images/content/flag_ua.svgUAHUkrainian hryvnia
/wp-content/themes/tgd/assets/images/content/flag_pl.svgPLNPolish zloty
/wp-content/themes/tgd/assets/images/content/flag_gb.svgGBPPound sterling
/wp-content/themes/tgd/assets/images/content/flag_jp.svgJPYJapanese yen
/wp-content/themes/tgd/assets/images/content/flag_ch.svgCHFSwiss Franc
/wp-content/themes/tgd/assets/images/content/flag_cn.svgCNYChinese Yuan
/wp-content/themes/tgd/assets/images/content/flag_tr.svgTRYTurkish Lira
on the official website
Data updated 5/15/2024

    Solana is an open source high-performance blockchain that supports smart contracts, non-fungible tokens (NFTs), and decentralized applications (dApps). The Solana blockchain is based on the SOL token, which provides network security through staking, and is also used to pay transaction fees and smart contract operations.

    Further on what is the Solana cryptocurrency and how to buy it.

    How to buy Solana
    Solana token logo

    What is Solana

    Solana (SOL) — is a token for Solana blockchain, the purpose of which is to increase the efficiency of blockchain transactions. Solana’s uniqueness is in a special PoS-based consensus mechanism known as Tower BFT.

    The model uses the PoH (Proof-of-History) is a network technique that allows nodes to agree on the time order of events in a chain without exchanging data with each other. This reduces communication overhead and increases network bandwidth. According to the Solana protocol, the speed of transactions on the network reaches 50,000 TPS per second (there is 15 TPS) in Ethereum.

    That is why Solana is often referred to as the “ethereum killer”. Like Ethereum, the Solana (SOL) blockchain supports various decentralized finance (DeFi) projects such as NFTs, smart contracts and application development (dApps).

    The SOL token has two use cases:

    • Transaction fees: SOL can be used to pay fees for sending transactions or executing smart contracts;
    • Staking: You can lock your SOL coins to keep the blockchain running, or delegate them to an active validator to secure the network. Users are rewarded for staking. Profitability depends on the number of staked coins.
    Solana Home
    Solana homepage

    Where to buy Solana

    SOL cryptocurrency can be bought on a p2p platform, on crypto exchanges, etc. The best choice is crypto exchange. The advantages of buying crypto on the exchange: the most favorable rate, high liquidity, a large selection of payment options (bank transfer, payment cards, p2p, etc.). On many trading platforms, you can buy cryptocurrency for fiat (EUR, USD), etc.

    Solana Buying Instructions

    Step-by-step instructions for a profitable purchase of Solana consists of several steps, presented below.

    Decide on the level of risk

    When investing in cryptocurrencies, you need to understand how to manage risk and develop a strategy that will help reduce losses. The main rule is to avoid investing money that you cannot afford to lose.

    Choose a crypto exchange

    Crypto exchanges differ from each other in terms of trading conditions: deposit methods, trading commissions, deposit and withdrawal fees, verification requirements, etc. Therefore, it is important to choose a trading platform with the parameters correspond to all user’s requests.

    It is also useful to check up exchange ratings and reviews of other traders for a particular platform.

    The list of the most popular exchanges for buying SOL is presented in the table:

    Exchange
    Website
    BTC trading volume, 24h
    1Binance
    Binance
    BTC trading volume, 24h
    12,361.03
    2OKX
    OKX
    BTC trading volume, 24h
    2,510.36
    3Bybit
    Bybit
    BTC trading volume, 24h
    2,225.78
    4HTX
    HTX
    BTC trading volume, 24h
    1,090.70
    5KuCoin
    KuCoin
    BTC trading volume, 24h
    672.71

    Register an account

    To buy Solana you can choose any crypto exchange where the coin is traded. In this article, we will consider buying SOL using the example of the largest crypto exchange — Binance.

    New users must register on exchange and to create an account before they can start trading. For this:

    1. Open the official Binance website;
    2. Click on Register in the upper right corner;
      Begin registration on Binance
      Starting registration on Binance
    3. Choose a country;
    4. Press Create Personal Account;
      Create a personal account
      Creating a personal account
    5. Specify e-mail, password and referral code (if have one), click Next;
      Account Details
      Account details
    6. Enter the activation code that will be sent to e-mail → repeat this procedure with the phone number;
    7. After completing these steps, the account will be registered.
    For more information about registration, please see: Binance exchange overview.

    Top up your account

    Buying Solana through a crypto exchange requires a deposit with the amount of crypto needed to complete the purchase.

    On Binance, Solana is traded with fiat and in particular with Euro. Therefore, let’s consider how to replenish an account in EUR:

    1. Press Wallet in the upper right corner of your personal account → select Fiat and Spot;
    2. Specify EUR in the search bar;
    3. Select Deposit;
      Fiat currency deposit start
      Depositing by fiat
    4. Specify payment method, for example, bank card → click Continue;
      Upload EUR deposit
      Depositing in EUR
    5. Enter amount → card details → make a transfer.

    Buy Solana (SOL)

    To buy SOL with EUR on Binance:

    1. Open Trade → Spot in your personal account;
      Binance Spot Market Selection
      Binance spot market selection
    2. Select the SOL/EUR trading pair;
      Select trading pair
      Selecting a trading pair
    3. Specify order type, for example, Market;
    4. Enter amount of payment currency;
    5. Press Buy SOL.
      Buying SOL
      Buying SOL

    How to sell Solana

    To sell SOL you have to repeat almost the same sequence of steps:

    1. Press Trade → Spot;
    2. Select a trading pair SOL/EUR;
    3. Specify order type, for example, Market;
    4. Enter amount of payment currency to sell coins;
    5. Press Sell SOL.
    Sale SOL
    Selling SOL

    Where to store SOL

    When choosing a place to store cryptocurrency, you should pay attention to the following points. If long-term storage strategy is chosen and no daily transactions are planned, it is better to choose a reliable hardware cold wallet. There are two well established wallets in the market: Ledger and Trezor.

    To use hardware wallets you should buy one. To ensure security, you should only buy hardware wallets from authorized dealers and never use devices being used.

    If active trading on the exchange or frequent transactions with cryptocurrency are expected, it is better to choose a “hot” wallet.

    Among the reliable “hot” multi-currency crypto wallets that support Solana, we feature:

    When using this type of storage, you need to remember about additional security measures, such as two-factor authentication, a strong password, etc.

    How to withdraw Solana to a wallet?

    Let’s see how to withdraw SOL coins from the Binance exchange to the Exodus wallet:

    1. Go to your personal account on the Binance exchange;
    2. Choose Wallet → Fiat and Spot;
      Start withdrawing SOL to wallet
      Starting of withdraw process
    3. Press Withdraw;
    4. Select SOL and the network. You should write in received address in your Exodus wallet;
      Withdraw SOL from Binance to wallet
      Withdraw of SOL from Binance to Exodus wallet
    5. Open the mobile or desktop version of the crypto wallet (for example, use Exodus);
    6. Select SOL in the list of supported coins and press Receive;
      Exodus coin selection
      Coin selection in Exodus
    7. Write in the received address;
      Address to receive SOL
      Address for receiving SOL
    8. Paste the copied address into the exchange appropriate field, specify the number of coins to be transferred, and confirm the transaction.

    FAQ

    How to buy Solana?
    To buy Solana on the exchange:

    1. Sign up on an exchange (for example, on Binance) and verify the account;
    2. Top up account;
    3. Select spot market;
    4. Specify trading pair (for example, SOL/EUR);
    5. Select the order type, for example, Market;
    6. Enter the amount of payment currency to buy a coin;
    7. Press Buy SOL.

    Where can I buy Solana?
    Solana can be bought on cryptocurrency exchanges, through electronic payment systems, etc. But the best way to buy Solana on trusted, well-established exchanges. For example, Binance, OKX, ByBit, provide high liquidity, a wide range of payment methods, security, etc.
    When is the best time to buy Solana?
    The best time to buy any cryptocurrency can be determined by fundamental and technical analysis. If this is difficult because you are a beginner, then you need to first evaluate the uniqueness of the project, read the reviews and opinions of professional traders.
    Is Solana a good investment?
    In order to answer the question of whether Solana is a good investment, you need to evaluate the strengths and weaknesses of the project. strengths include:

    • High throughput: 50,000 transactions per second, made possible by Proof of History technology;
    • A Proof-of-Stake (PoS) consensus mechanism whereby miners use coins to validate transactions and create new ones;
    • The platform team is working on new growth drivers such as fintech. The Solana Pay payment solution was launched to allow users to purchase goods and services using the Solana token and stablecoins.

    However, when deciding to invest in Solana (SOL), you need to be aware of the high risks associated with buying cryptocurrencies. The market is subject to significant price fluctuations, so you can make money or lose them.

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    Agatha Redich
    Agatha Redich
    Articles author, editor
    Articles author and website editor. Works with texts for over 12 years. Among Agatha’s clients: Rossman, Zara, Bosch, ING Bank, Lexus and others. Crypto journalist since 2018. She wrote more than a hundred articles about cryptocurrencies and the crypto market. Agatha's professional credo is to reveal complex topics in an accessible and simple way.
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    Emil Rabin
    Emil Rabin
    Site expert
    Cryptocurrency expert and financial analyst. Emil has working experience in Bain and KPMG, collaborated with PayPal and Revolut, organized more than 30 educational events about blockchain and cryptocurrencies in Eastern Europe. An expert of the TGDRatings.com portal since 2022.
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