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How to buy Solana (SOL) in the Philippines

Learn how to buy Solana (SOL) easily by following a step-by-step guide and compare 10+ crypto exchanges.

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.
    Unfortunately, at this time no major exchanges in Philippines offer SOL, but you may be able to purchase it with another cryptocurrency. Just be sure to follow all legal restrictions and requirements.
  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.

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.

The success of their NFT ventures, plus heightened interest in blockchains with “smart contract” capabilities, has led to Solana rising a whopping 15,300% in 2021.

SOL is the native token of the Solana network and has a number of use-cases, including: governance, staking, buying goods from merchants, building decentralized applications and participating in NFT games and metaverses. These tokens can be held in Solana’s native wallets, Fantom and Sollet.

Solana (SOL) is the 8th largest cryptocurrency in the world by market cap, valued at $29,044,081,367. The current price of Solana is $92.55, which is 6.938% higher than yesterday. Prices have ranged between $93.56 and $86.15 over the past 24 hours. All prices are listed in US dollars and accurate as of January 28, 2022 09:01 UTC.

Where to buy Solana

Unfortunately, at this time no major exchanges in Philippines offer this coin. However, you may be able to purchase it with another cryptocurrency, just be sure you're following all legal restrictions and requirements.

Consider buying a different cryptocurrency after comparing popular exchanges.

Solana at a glance

Information last updated January 28, 2022 09:01 UTC.
Coin symbol SOL
Coin Marketcap US$29,044,081,367
Total SOL supply 508,180,964
Circulating SOL 314,966,379
Current price US$92.55
All time high US$259.96
Notable team members Anatoly Yakovenko, Greg Fitzgerald
Partnerships Terra, OKEx, MXC
Industry Blockchain
Token uses Platform fees, staking, governance
Network Solana

Solana price performance over time

Historical prices compared with the price of US$92.55.

1 hour 1.43%
24 hours 6.94%
7 days -28.01%
14 days -36.99%
30 days -48.09%
60 days -53.83%
200 days 188.12%
1 year 2,401.80%

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 hybrid consensus mechanism, employing a novel ‘Proof-of-History’ model where historical records of all blockchain transactions happening within the ecosystem need to be verified before they are finally added to the ledger. Proof-of-History ensures that transactions on the Solana blockchain are lightning-fast, while the Proof-of-stake mechanism allows for economic security as well as an incentive for investors to participate in the network.
  • 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. This makes Solana one of the best protocols at addressing cryptocurrency’s omnipresent scalability problems.
  • 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: SOL tokens have one of the broadest use-cases of any crypto token. Serum, a high-speed, non-custodial spot and derivatives decentralized exchange (DEX), has been devised atop the Solana blockchain, using SOL as its native token. In conjunction, SOL tokens can be used to participate in NFT ecosystems such as the Degen Ape Academy, build decentralized applications, staked for additional interest and used to buy goods and services.
  • Competition: Solana is one of a number of high market-cap tokens dubbed “Ethereum killers”. This is due to their smart contract capability, which allows them to mirror Ethereum’s functionalities with greater transaction speeds and lower gas fees. Solana is competing with other popular cryptocurrencies like Cardano (ADA) and Polkadot (POLKA) to take down Ethereum’s title as smart contract king.

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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