Solana, a resourceful blockchain chain focusing on DApps and DeFi, had a difficult time following the FTX contagion. The price of its native SOL token dropped under $10 but has since recovered — indicating the strength of the SOL trader community. So, should you buy solana (SOL) now that its price has returned to its pre-FTX level?
For us, simply looking at the price recovery shouldn’t be the sole reason you buy solana. This guide discusses every important aspect of this decentralized blockchain, helping you get up to speed and make informed decisions about purchasing SOL.
Buy solana (SOL) with few clicks on secure platform
YouHodler
Best for free BTC cloud mining
OKX
Best for mystery box offer
Coinbase
Best for beginners
Methodology: How did we choose the best platforms for buying Solana?
This guide discusses seven exchanges and platforms people can rely on for buying, storing, and trading Solana. These include YouHodler, OKX, Coinbase, Paybis, Binance, Kraken, and KuCoin. Each platform was tested for several months to ensure that it checked all SOL-specific boxes, including the ease of trading, fund security, staking and savings support, high liquidity, and more.
Here is what we inferred about each platform:
Buy and Hold SOL on YouHodler
YouHodler employs top-notch security standards like three-factor authentication and frequent checks to secure user funds. There is a specialized SOL wallet for users, with a $10 bonus on deposits. There is the multiHODL — Savings Account type functionality — with access to up to 8.32% APY on SOL deposits.
OKX for buying and trading SOL
OKX levies a competitive trading fee for SOL and other crypto assets, ranging between 0.08% to 0.1%. Additionally, the SOL/USDT pair on OKX makes 4.63% of the global trading volume and is highly liquid, with a CoinMarketCap score of 622 at press time. There are other OKX pairs in play, including SOL/BTC, SOL/USDC, and more. OKX employs top-notch security specs like multi-signature authentication to protect user funds.
Buying SOL on Coinbase
The SOL/USD trading pair on Coinbase enjoys a liquidity score of 719, ensuring faster transactions and order completion. Coinbase also offers other SOL-specific trading pairs like SOL/EUR, SOL/BTC, and more. The trading fee structure is competitive and can go anywhere between 0% to 0.6%, depending on the 30-day trading volume. Plus, Coinbase cloud happens to be one of the SOL validators, adding credibility to the association. Coinbase implements security tools like biometric logins and even supports SOL staking with an APY generation limit of 11%.
Why choose Paybis for SOL?
Paybis is a Solana network-compatible wallet that offers seamless trading tools to users. It allows you to move SOL to multiple wallets with ease. There are no associated withdrawal fees, and the only set of fees to be paid is the one related to network costs. Paybis also allows debit and credit card-specific Solana purchases, ensuring the best possible user experience.
Binance and SOL buying experience
On Binance, the trading fee segregation is straightforward. The platform charges 0.1% for SOL-specific trades. Liquidity-wise, Binance’s SOL/USDT pair has a CoinMarketCap score of 815. This pair also makes up over 23% of the global SOL volume. Fund security isn’t an area of concern as Binance employs 2FA and passkeys to further protect yser funds. SOL staking is also supported as part of Binance Earn.
Kraken and the world of secure SOL purchases
Kraken offers multiple trading pairs for Solana — SOL/USD, SOL/EUR, and more. The liquidity score for both the popular pairs is above 600, ensuring fast order completions. Kraken employs cold storage support for assets and other security implementations to protect user funds. SOL staking at a yearly APY of up to 6.5% is also supported.
Buying and holding Solana on KuCoin
KuCoin allows SOL trade executions at a clip, courtesy of the highly liquid SOL/USDT trading pair, which also comprises 2.18% of the global trading volume. For Class A cryptos like SOL, the trading fee is set at 0.1%. And there is a lot more to do with SOL holdings, including Futures trading, staking, lending, and more.
Each of the extensively reviewed SOL-friendly platforms excels in terms of fund security, purchase seamlessness, additional income generation strategies, and more. To learn more about BeInCrypto’s methodology verification , click on the link.
- Methodology: How did we choose the best platforms for buying Solana?
- Deciphering the Solana network
- Comparing Solana against other players
- The Solana ecosystem
- Where to buy SOL
- How to buy Solana?
- How to sell Solana?
- Should you buy Solana? A look at the price forecasts
- Top projects on Solana with massive potential
- Does Sol have a future?
- Frequently asked questions
Deciphering the Solana network
Before you buy SOL it is important to understand the potential, transaction throughout, and operational details of this layer-1 blockchain. So what is Solana, and how does it work?
The blockchain itself is meant for hosting decentralized applications and other cryptocurrencies. A brainchild of Anatoly Yakovenko, Solana aims to solve the pressing issues of minimal scalability and questionable security plaguing the blockchain ecosystem.
Consider Solana a programmable blockchain, somewhat like Ethereum (but with significant differences, too). Solana employs smart contracts and furthers a trustless and decentralized ecosystem.
How does Solana work?
Solana’s modus operandi resides on the shoulders of a novel PoS-inspired consensus mechanism. The blockchain follows proof-of-history and timestamping as an additional consensus tool. Plus, there is an exclusive block propagation standard in Turbine, support for parallel smart contract execution, Solana nodes, and other components working in tandem.
“Some smart people tell me there is an earnest, smart developer community in Solana, and now that the awful opportunistic money people have been washed out, the chain has a bright future.”
Vitalik Buterin, co-founder of Ethereum: Twitter
What makes Solana popular?
While Solana is one of the more capable ecosystems, there are highly specific reasons for its popularity. These include:
- Supports high-speed transactions
- Solana trading can be executed on almost every top cryptocurrency exchange
- It has an extensive NFT ecosystem built within
- Boasts excellent usability with easy-to-work-with tools on offer for developer
- Innovative blockchain architecture
In all, Solana seems plenty capable. But let us see how it compares against other big names.
Comparing Solana against other players
While a comparison with Ethereum makes decent sense, we also pit Solana against the less similar Polygon, as both Solana and Polygon are two of the fastest blockchain networks around.
Solana vs. Ethereum
The Solana vs. Ethereum narrative is ongoing. When pitted head-to-head, Solana comes out swinging, courtesy of its ability to process thousands of transactions each second. Ethereum, on the other hand, despite transitioning to the PoS ecosystem, can barely handle 30 transactions per second. And while Ethereum relies primarily on the Solidity languages for smart contracts, Solana involves Rust.
Solana vs. Polygon
Solana is a layer-1 blockchain, whereas Polygon is a layer-2 scaling solution. However, Polygon, despite the comparable speeds to Solana, hasn’t experienced as many network outages as the latter.
The Solana ecosystem
The Solana ecosystem might not be as big as Ethereum’s, but it certainly expands across multiple avenues.
A world of NFTs
Solana’s NFT and DeFi ecosystem has been growing since 2021. Degenerate Ape, one of the more popular NFT collections, was launched atop Solana — a move that led to a price surge. Right now, Magic Eden is one of the premiere NFT marketplaces on Solana, making it a go-to chain for creators.
Top projects
As a layer-1 chain, Solana hosts several projects and apps. Some of the more recent and popular Solana projects include the Squad — a wallet standard, Tensor — an NFT trading interface, and more. Older projects like Mango and Raydium are still enjoying decent traffic.
DeFi landscape
Solana’s DeFi landscape is also worth some attention. The chain itself has $650+ million worth of value locked. At present, the liquid staking platform Marinade Finance is one of the top-performing products.
Solana wallets
Wallets make up a decent chunk of the Solana ecosystem. As for the compatible ones, Phantom, Ultimate, and Solflare make the top picks.
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Staking solana
Solana mining isn’t supported. However, users can stake their SOL tokens via validator delegation as a way to keep the network secure. Despite the lack of Solana mining rewards, something that a PoW cryptocurrency offers, your staked Solana can help you earn a passive income. As for staking-supported tools, Jito and Lido are the top options operating on top of Solana.
Did you know? Lido, a popular liquid staking platform for ETH, operates on multiple chains — including Ethereum, Moonbeam, Moonriver, Terra Classic, and Solana.
Where to buy SOL
As one of those more popular cryptos on the market, you can choose between a number of leading platforms to buy SOL. Here are our top five:
Paybis
Buying Solana on Paybis was a hassle-free experience for us, especially since we could instantly buy the asset with a credit card. We found it very convenient not needing a separate wallet, and being able to send the SOL straight to our hardware wallet for security. Paybis has a global reach, so whether we’re in the UK or elsewhere, we can reliably use them to quickly and easily obtain SOL.
Coinbase
Coinbase makes buying Solana pretty straightforward, which is a big plus in our book. It’s got this clean layout that doesn’t confuse you with too much crypto jargon. We also noticed Coinbase is upping their game with interactive tutorials that pay you in crypto – including Solana sometimes – for learning about blockchain. What’s more, Coinbase offers a variety of payment options, including debit cards, bank transfers, and even PayPal. This makes it easy to get started investing in Solana, even if you’re new to the asset class.
Binance
Binance stands out as one of the most popular platforms for buying and trading Solana using basic to advanced strategies. The sheer range of available trading pairs gives you limitless options for executing complex trades and maneuvers. We also tried leveraging Binance’s staking functionality to passively grow our SOL bags and the returns were pretty decent. Margin trading and futures contracts provide us added flexibility for maximizing income potential. Newbies can also feel at home on Binance thanks to the educational content layered on top of the powerful trading tools.
Kraken
Kraken’s locked-in focus on security and risk management provides much needed peace of mind in such a nascent market. The array of customizable order types allows us to strategically buy, sell and trade SOL regardless of wild market swings. We also appreciate Kraken integrating the ability to stake SOL and compound gains over the long-term. In addition, Kraken offers a wide range of other features, including margin trading, futures contracts, and even a lending platform. This makes it a great choice for both experienced and novice traders.
KuCoin
KuCoin makes buying SOL easy and widely available for its global user base. It also provides us with the flexibility to experiment with advanced maneuvers like margin trading SOL. Though often overshadowed by the majors, KuCoin has proven itself as a reliable and feature-rich home for altcoin aficionados. Furthermore, KuCoin is known for its low fees and competitive rates. This makes it a great choice for budget-minded traders.
How to buy Solana?
In this example, we have used one of our chosen exchanges, Coinbase, to demonstrate how to buy SOL.
1. Firstly, open the Coinbase app, go to the search box, and find Solana.
2. Secondly, enter the amount that you would like to purchase.
3. Lastly, confirm your order by pressing “Place Order.”
Buy Solana (SOL) with few clicks on secure platform
YouHodler
Best for free BTC cloud mining
OKX
Best for mystery box offer
Coinbase
Best for beginners
If you’re looking to buy solana, the first step is to know your options and preferences. While some users might choose ease, others might prioritize anonymity. For easy buying, onboarding CEXs like Binance, Coinbase, etc., makes sense. Or, you can head over to DEXs like Helix and Saber DEX for spot solana trading.
How to sell Solana?
1. Firstly, open the Coinbase app, go the “Trade” tab, select Solana and press “Sell.”
2. Afterwards, type in the amount you would like to sell.
3. Finally, press “Place Order” to complete your sell order.
Selling solana follows the same path. On the mentioned DEXs, you can quickly swap your SOL token for USDT, ETH, or anything else. Or, if you have SOL in your exchange wallet, direct selling is also an option. If you have a Solana wallet, DEXs are better picks.
Should you buy Solana? A look at the price forecasts
If you look at our solana price prediction, you will notice that the technical charts do hint at a $42.43 possibility. Yet, post the FTX contagion, it might take more effort for SOL to reach those levels. However, it might still make sense to buy solana purely based on the innovation on display. Of course, discretion and caution are advised. Never invest more than you can afford to lose, and always diversify your investments.
Top projects on Solana with massive potential
If you’ve decided to dive deep into the Solana world, don’t forget to explore some of the leading Solana projects. From NFT platforms to innovative DeFi applications, Solana’s ecosystem is thriving, offering unique opportunities for investors. Engaging with these projects can provide valuable insights and potentially rewarding experiences. Some leading projects to check out include:
- Serum
- Mango
- Solarians
- ORCA
- Star Atlas
Does Sol have a future?
Solana offers a feature-loaded ecosystem. And its DeFi value is also appreciating at a clip. While the prices might validate the potential of this layer-1 ecosystem, an optimistic price prediction level, high transaction speeds, and a growing DApp ecosystem also evoke confidence in the network’s long-term staying power.
Frequently asked questions
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