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How to buy Solana (SOL) in the US
A beginner's guide to buying and selling SOL in the US.
How to buy Solana
Look for an exchange that supports both fiat and cryptocurrency to simplify buying Solana.
- Open an account on an exchange that supports SOL.
Jump to our table to compare popular options — just remember that most exchanges require an email address, phone number and proof of ID to register.
- Deposit funds into your account.
Fund your account with a bank transfer, pay with a credit or debit card or deposit cryptocurrency from a crypto wallet to buy Solana.
- Buy Solana.
Complete your Solana purchase and then find the best wallet to store SOL.
What is Solana?
Solana is a blockchain looking to address the scaling issue head-on, allowing users to process a massive number of transactions per second (TPS). To put things into perspective according to Binance Academy, while Bitcoin, Ethereum and Visa currently offer TPS rates of just 7, 30 and 2000 respectively, Solana allows users to facilitate a whopping 50,000 transactions per second. SOL is the native token of the Solana ecosystem and has a maximum supply cap of 489 million tokens. Since the platform makes use of a Proof-of-Stake (PoS) network, participants can stake their SOL coins to become validators within the network as well as earn passive rewards for their efforts.
In August 2021, Solana jumped onto the non-fungible token (NFT) bandwagon, adding it to its hefty list of decentralised finance (DeFi) projects. Its entry into the NFT market is known as the Degen Ape Academy, where users can purchase an avatar (which is a ‘smooth-brained’ ape) and enrol them as a student in the Academy. From there, NFT holders will be able to create and submit artwork to competitions and participate in a customisable kart-racing game with in-built rewards. Upon the NFT platform’s launch, all 10,000 Apes available were sold out within 10 minutes, immediately causing a surge in Solana’s token price.
Well-known celebrities such as Paris Hilton and Gary Vaynerchuk were some of the many to purchase an Ape NFT at launch. According to Euronews over the month of August, the price of SOL rose by 220%, largely on the back of the Degen Ape Academy’s popularity. Users of the platform must use these tokens, held in a compatible Fantom or Sollet wallet, to interact with the community.
Solana (SOL) is the 7th largest cryptocurrency in the world by market cap, valued at $48,403,988,193. The current price of Solana is $163.05, which is 15.576% higher than yesterday. Prices have ranged between $164.06 and $139.38 over the past 24 hours. All prices are listed in US dollars and accurate as of September 19, 2021 12:09 UTC.
Where to buy SolanaFind an exchange to buy, sell and trade SOL by comparing deposit methods, supported fiat currencies and fees. Select Go to site to sign up directly with the provider.
Solana at a glance
|Total SOL supply||488,630,611|
|All time high||US$213.47|
|Notable team members||Anatoly Yakovenko, Greg Fitzgerald|
|Partnerships||Terra, OKEx, MXC|
|Token uses||Platform fees, staking, governance|
Solana price performance over time
How to sell Solana
You can cash out your SOL with the same exchange you bought it through:
- Sign in to the exchange you have SOL on.
If you store your Solana in a digital wallet, compare crypto exchanges to sell it on.
- Place a sell order.
Choose the amount of SOL you'd like to sell.
- Complete your transaction.
Confirm the sell price and fees and close your sale of Solana.
What to consider when buying SolanaBelow are the aspects you should consider before investing in SOL:
- Highly secure: Solana’s blockchain framework is steeped quite heavily in the ethos of decentralization. The system makes use of a novel ‘Proof-of-History’ model wherein historical records of all blockchain transactions happening within the ecosystem need to be verified before they are finally added to the ledger.
- Unique data processing model: The platform divides data that needs to be relayed to and from each node into smaller packets, allowing for transmissions to become easier and more streamlined. Not only that, by breaking down the info into fragments, Solana is able to mitigate various bandwidth and transaction speed-related issues that many other blockchain systems are routinely faced with.
- Solid backing team: Solana is the brainchild of Anatoly Yakovenko, who founded the platform back in 2017. Prior to his work with Solana, Yakovenko worked for Qualcomm as well as other established companies like DropBox. Other prominent members of the team include Greg Fitzgerald, Eric Williams, and Raj Gokal.
- Concurrent operational capacity: One of the more underrated aspects of the Solana blockchain is that it is able to deploy thousands of smart contracts in parallel with each other, thus allowing for a better, more efficient runtime.
- Active use cases: Serum, a high-speed, non-custodial spot and derivatives decentralized exchange (DEX), has been devised atop the Solana blockchain. This is in large part because Solana offers an on-chain central limit order book (CLOB) that is refreshed once every 400 milliseconds. Not only that, as pointed out earlier, Solana also offers a high throughput rate of over 50,000 TPS.
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