Where to Buy Solana

by Sandip Das from
Where to Buy Solana

If you are looking forward to investing in Solana, this post ''Where to buy Solana: buying Solana in 2024'' is just for you. With a total market value of more reaching 50 billion, Solana is currently one of the most valued cryptocurrencies, just after Bitcoin, Ethereum, and Tether (USDT).

As the global crypto market is set for another bullish phase, Solana can be one of the most potential cryptos to buy in 2024. In this post, we are going to explain what is Solana (SOL), where to buy Solana, and why Solana can explode in 2024.

1. Solana Meaning - What is the Solana (SOL) Crypto?

Solana is a blockchain platform similar to Bitcoin or Ethereum platform. In fact, Solana has many similarities with Ethereum because of its smart contract functions. The key features of Solana are its speed and scalability. It is much faster compared to Ethereum. Currently, Solana has a TPS (transactions per second) of an astounding 2,700! In comparison, Ethereum’s TPS is just around 15. Plus, Solana has a much lower transaction fee compared to Ethereum. These are some of the reasons many initially called Solana the ''Ethereum killer''.

This was about Solana. Now, what is SOL? Every blockchain platform has a native cryptocurrency. In Solana’s case, the native crypto is SOL. You can buy and sell SOL using most leading crypto exchanges like KuCoin and Bybit. When activities on the Solana blockchain increase, it raises SOL’s demand and its price.

2. How Does Solana Work?

The concept of Solana was first proposed by software developer Anatoly Yakovenko. Subsequently, the Solana blockchain was officially launched in March 2020. Today, Solana is one of the leading blockchains that support smart contracts and if you want to know more about the technology of blockchain itself please read our detailed blockchain guide.

Smart contracts are blockchain-based contracts that are executed by algorithms in the absence of any intermediary. Smart contracts make decentralized applications (dApps) possible. Solana’s smart contracts make it one of the leading crypto platforms in the Decentralized Finance (DeFi) and NFT space.

Solana introduced a unique consensus mechanism called Proof of History or PoH. Currently, Solana uses a hybrid consensus mechanism by combining PoH with Proof of Stake (PoS) to achieve greater scalability. Solana’s ability to process large numbers of transactions each second and that too at a low transaction cost makes it one of the top crypto platforms to invest in 2024.

3. Solana Maximum Supply and Solana Inflation Rate

So, how many Solana coins are there? SOL has a current circulating supply of about 427.48 million coins. It does not have a maximum supply cap. This means Solana is not a deflationary crypto which is in opposition to, for instance, how Bitcoin works.

However, Solana has an inflation mechanism that controls its supply. Initially, Solana’s inflation rate was fixed at 8% which was set to decrease by 15% year-over-year to reach a long-term fixed annual inflation rate of 1.5%. Currently, Solana’s inflation rate is 5.599%.

4. Solana Use Cases

The value of any crypto platform ultimately depends on its use cases. So, what is Solana used for and who uses SOL? As we discussed before, Solana is a scalable and decentralized blockchain platform that supports smart contracts. Because of Solana’s high speed, scalability, and low fees, it is well-suited for several use cases:

  • Developing all types of dApps starting from blockchain games, decentralized lending platforms, and decentralized exchanges
  • Powering decentralized finance applications
  • Developing NFTs and supporting NFT marketplaces
  • Supporting Decentralized Autonomous Organizations (DAOs), which run without any central authority or management

5. Is Solana a Good Investment?

It’s common for new investors to ask questions like 'is Solana a good buy?'. Solana is a highly popular crypto because of its wide range of use cases, scalability (remember that many crypto platforms are plagued by scalability issues), and innovation. As DeFi becomes more commonplace and more dApps are developed, the demand for SOL is set to rise steadily. Also, a strong momentum in the global crypto market increases the market potential for SOL. We think Solana is one of the most potential cryptos that can explode in 2024. Solana can be an important component of your overall crypto portfolio to achieve diversification.

Solana has solid long-term potential because of its high adoption rate. This makes it a great long-term buy. However, if your goal is to make profits in the short run by buying and selling Solana on the same day or week, you need to keep a close eye on market developments and technical parameters (support, resistance, breakout levels, etc.)

6. Where to Buy Solana?

Wondering about where you can buy Solana or how to buy SOL? Since Solana is one of the most popular cryptos, you can buy it from almost all top crypto exchanges. Buying SOL is a simple process. You only need to register with a crypto exchange of your choice, fulfil the KYC requirements, and then add a payment method to purchase SOL. Top crypto exchanges support a range of payment options, starting from debit cards to bank transfers. Moreover, many crypto exchanges will allow you to buy Solana with credit cards.

If we consider the rules from our investing for beginners guide, and factors like trading fees, popularity, and security here are the top 5 crypto exchanges for buying Solana:

Buy Solana via the best crypto exchanegs!

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Range of Earning Options, Trading Features and Prizes
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After you buy Solana from any of these exchanges, transfer your cryptos to a safe and secure crypto wallet. Next, when you want to sell your SOL, you can retrieve them from your crypto wallet and complete the sell transaction.

7. Factors to Remember While Buying Solana

Crypto is a riskier asset compared to traditional assets like stocks, bonds, and commodities. The speculative nature of crypto assets increases its volatility. It’s very common to see a crypto’s price going up or down by 10 or even 20% on the same day. So, one of the most important aspects of investing in any crypto asset is knowing about volatility(check out our detailed crypto volatility guide to know more) and managing risks. Risk management is crucial to limit your losses while maximizing your gains.

Also, you need to be careful about the price you buy a crypto. For long-term investors, buying in market dips can be a good approach to derive maximum returns. Lastly, stick to the most reputed crypto exchanges and use a safe crypto wallet (preferably cold wallets) to protect your Solana private keys (crypto wallets don't actually store cryptos. Rather, they store private keys required to access the crypto coins).

8. Where to Buy Solana: Buying SOL in 2024 - FAQs

8.1 ❔ When was Solana launched?

Even though the concept of Solana was first introduced in 2017, the blockchain platform was officially introduced in 2020.

8.2 🫴 Should I buy Solana in 2024?

Solans is a highly popular cryptocurrency because of its scalability, efficiency, and low cost. As the crypto market is set to gain momentum in 2024, Solana has a high potential to explode and provide high returns.

8.3 🤔 Can I buy Solana in Canada?

Absolutely yes! You can buy Solana Canadafrom several crypto exchanges. Now, if you are wondering about how to buy Solana in Canada, the answer is that you can buy it after registering with any leading crypto exchange.

8.4 📈 What Apps Can I Buy Solana With?

You can buy Solana using several crypto apps such as KuCoin, Bybit, and BTSE.

8.5 🏛️ Is Solana Decentralized?

Solana is a crypto platform. Decentralization is a defining feature of any crypto platform. This post on where to buy Solana: buying SOL in 2024 discusses its key features and advantages.

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