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How to Buy Solana (SOL) and Everything You Need To Know

12 mins
Updated by Ish Bautista
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Solana, a visionary blockchain focusing on DApps and DeFi, faced challenges following the FTX contagion. The price of its native SOL token dropped below $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? Simply looking at the price recovery shouldn’t be the sole reason to buy Solana. This guide discusses every aspect of this decentralized blockchain, helping you make informed decisions about purchasing SOL.

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Methodology

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 to host 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.

interface: Solana
Solana interface: Solana

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: X

​​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
buy solana stats

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

Ethereum ETH solana sol cover web3 crypto

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.

ecosystem
Solana projects: Solana ecosystem

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 DeFi ecosystem: Defillama
Solana DeFi ecosystem: DefiLlama

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.

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 proof-of-work (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 Bitcoin

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.

*In 2024, KuCoin is facing charges from the Department of Justice following allegations that the platform knowingly flouted AML rules in the U.S. The company’s legal woes have dramatically dropped its market share, with many concerned users withdrawing funds from the platform. For a detailed overview of the current situation, please check our explanation of KuCoin’s legal status. If you are considering alternatives to KuCoin, explore our recommended exchanges here.

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.

buy solana step 1

2. Secondly, enter the amount that you would like to purchase.

buy solana step 2

3. Lastly, confirm your order by pressing “Place Order.”

buy solana step 3

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.

Buy Solana from CEX: Coinmarketcap
Buy Solana from a CEX: CoinMarketCap

How to sell Solana?

1. Firstly, open the Coinbase app, go the “Trade” tab, select Solana and press “Sell.”

sell sol step 1

2. Afterwards, type in the amount you would like to sell.

sell sol step 2

3. Finally, press “Place Order” to complete your sell order.

sell sol step 3

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. 

DEX: Coinmarketcap
Buy Solana from DEX: CoinMarketCap

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, after 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 powerful and feature-rich ecosystem, steadily increasing its DeFi value. The current prices reflect the potential of this layer-1 ecosystem. Additionally, optimistic price predictions, high transaction speeds, and a growing DApp ecosystem inspire confidence in Solana’s long-term viability. With persistent development, Solana has the potential to become a constant leading force in the blockchain industry.

Frequently asked questions

What is Solana?

Is Solana available on Binance?

Where can I buy Solana?

Where can I buy Solana in the U.S.?

How to buy Solana cheap?

Is Solana legal in the U.S.?

Will Solana reach $100?

How high can Solana go in 2025?

Where will Solana be in five years?

Will Solana go to zero?

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Ananda Banerjee
Ananda Banerjee is a technical copy/content writer specializing in web3, crypto, Blockchain, AI, and SaaS — in a career spanning over 12 years. After completing his M.Tech in Telecommunication engineering from RCCIIT, India, Ananda was quick to pair his technical acumen with content creation in a career that saw him contributing to Towardsdatascience, Hackernoon, Dzone, Elephant Journal, Business2Community, and more. At BIC, Ananda currently contributes long-form content discussing trading,...
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