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How to buy Solana (SOL) in the US

A beginner's guide to buying and selling SOL in the US.

Solana
SOL- USD
CMS-HOLDINGS-PORTFOLIO
$34.41
-$0.22 (-0.63%)

How to buy Solana

Look for an exchange that supports both fiat and cryptocurrency to simplify buying Solana.

  1. Open an account on an exchange that supports SOL.
    Jump to our instructions to learn how to bridge — just remember that using a DEX can be complicated and may be more risky than using a CEX.
  2. 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.
  3. Buy Solana.
    Complete your Solana purchase and then find the best wallet to store SOL.
Disclaimer: This is not an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade.

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.

Solana (SOL) is the 14th largest cryptocurrency in the world by market cap, valued at $9,343,275,784. The current price of Solana is $34.73, which is 2.527% higher than yesterday. Prices have ranged between $34.76 and $32.49 over the past 24 hours. All prices are listed in US dollars and accurate as of August 03, 2021 10:08 UTC.

Where to buy Solana

To buy SOL you may need to use a decentralized exchange (DEX). Decentralized exchanges run on blockchains like Binance Smart Chain and allow users to trade directly with one another without the need for a middleman.

Decentralized exchanges are unregulated and run on autonomous pieces of code known as dApps. To use a dApp you interact with the blockchain directly, which is not recommended for novice users. Please learn about decentralized exchanges first if you’re unfamiliar.

  1. Find SOL on a decentralized exchange and make sure Solana can be traded for Binance Coin (BNB), which is the native asset of the Binance Smart Chain (BSC). Popular DEXs on BSC include:
  2. Buy a coin that can be traded for SOL on a centralized exchange.
  3. Transfer the coin you want to trade for SOL into a personal wallet and connect to a DEX using MetaMask to place your trade.

Solana at a glance

Information last updated August 03, 2021 10:08 UTC.
Coin symbolSOL
Total SOL supply488,630,611
Circulating SOL272,637,123
Current priceUS$34.73
All time highUS$58.03
Notable team membersAnatoly Yakovenko, Greg Fitzgerald
PartnershipsTerra, OKEx, MXC
IndustryBlockchain
Token usesPlatform fees, staking, governance
NetworkSolana

Solana price performance over time

Historical prices compared with the price of US$34.73.

1 hour 2.30%
24 hours 2.53%
7 days 23.61%
14 days 39.95%
30 days 0.77%
60 days -12.53%
200 days 959.44%
1 year 1,889.12%

How to sell Solana

You can cash out your SOL with the same exchange you bought it through:

  1. 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.
  2. Place a sell order.
    Choose the amount of SOL you'd like to sell.
  3. Complete your transaction.
    Confirm the sell price and fees and close your sale of Solana.

What to consider when buying Solana

Below 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.
Disclaimer: Cryptocurrencies, including Solana, are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance of SOL is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the Solana or any other cryptocurrency discussed.

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