Where to Buy Solana (SOL)

Some cryptocurrency experts have dubbed Solana blockchain ‘the Ethereum killer’ as SOL attempts to relieve many of the concerns that Ethereum hasn’t addressed, such as high gas fees and scalability issues.

As a result, retail investor interest in SOL in 2021 made it one of the most successful altcoins ever, rising in value from under $1 to over $200. The tokens’ bearish turn made many turn away from it in 2022. However, people’s effort to get crypto to its original grace in 2023 is once again putting eyes on this asset.

In this article, we discuss how to buy Solana and shed light on this token’s utilities, risks, and other aspects to help investors decide whether it is worth investing in.

How to Buy Solana – Quick Guide

Best Cryptocurrency Exchanges in September 2024

SOL is listed as one of the three most well-known, regulated cryptocurrency exchanges due to its popularity.

How to Buy Solana – Step-by-Step Guide

After collecting detailed information about Solana, the next step is to open an account with a crypto exchange. Below is a more detailed explanation of how to buy Solana online on our most recommended exchange, Coinbase.

Step 1: Open an Account

The first step is to open the Coinbase website and register for a trading account by clicking on the “Join Now” button at the center of the screen. 

• Full name
• Nationality
• DOB
• Address
• Contact Details
• Username and Password

Step 2: Upload ID

Coinbase will then require you to verify the provided identity with a copy of your driver’s license or passport to comply with government regulations. A copy of the utility bill or bank account statement will also be required to verify the provided address. The verification will then automatically happen once the documents are uploaded.

Step 3: Make a Deposit

The minimum requirement for opening an account with Coinbase is $50, which can be deposited through various methods, including:

• Debit cards
• Credit cards
• Bank transfers
• Apple Pay/Google Pay
• PayPal

Step 4: Search for Solana

You should now have an Coinbase account funded at this stage of our step-by-step guide. Now it’s time to buy Solana. The easiest way is to enter ‘SOL’ into the Buy/Sell tab.

Step 5: Buy Solana

You can now buy Solana simply by typing the amount you want to invest.

Where to Buy Solana

Solana is a highly functional open-source project that provides decentralized finance (DeFi) solutions to banks without the permission of blockchain technology. Fundamental work on the project started in 2017.

Solana was officially launched in March 2020 by Solana Foundation, with headquarters in Geneva, Switzerland. One of the essential innovations Solana brings to the desk is the proof-of-history (PoH) consent developed by Anatoly Yakovenko. This concept allows for greater scalability of the protocol, which boosts usability.

We spent time vetting hundreds of platforms for this guide and ended up with this shortlist. Our list of Solana exchanges provides information about each one’s features, costs, and why it’s different. The review of the most popular online trading platforms for buying and selling Solana is mentioned below to narrow down the research. 

1- Coinbase

Coinbase is among the most well-known cryptocurrency exchanges in the United States and one of the world’s largest. Nevertheless, keep in mind the hazards of trading these speculative currencies. Coinbase, the largest cryptocurrency trading platform in the United States, was founded in 2012 in San Francisco.

CoinMarketCap.com, a market research website, is also among the top crypto exchanges globally in terms of traffic, liquidity, and trading volumes. Coinbase is a cryptocurrency brokerage that provides custodial services for institutional cryptocurrency storage and a cryptocurrency payments network for businesses. Furthermore, USD Coin (USDC) is a stable cryptocurrency pegged to the US dollar.

Coinbase became the first crypto trading company in the United States to be listed on a US exchange in April, with an IPO valued at roughly $86 billion. While bitcoin brokerages are not covered by the Securities Investor Protection Corporation or SIPC, Coinbase covers its site for any losses incurred due to theft or hacking. On June 18, the official Coinbase base team announced and listed several coins, including Solana.

Solana (SOL), Chiliz (CHZ), and Keep Network (KEEP) are now available on Coinbase.com as well as the Coinbase Android and iOS apps. Customers of Coinbase can now trade, transmit, receive, or store SOL, CHZ, and KEEP in most Coinbase-supported regions, except CHZ and KEEP in Singapore and CHZ in New York State. Coinbase Pro also supports trading in these assets.

Pros & Cons of the Coinbase platform:

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2 – Libertex

Libertex is a trusted CFD broker with over 250 tradable assets and 40+ international awards. The broker Libertex has been providing brokerage services for more than 23 years in the market since it was founded in 1997. It has over 2.2 million clients and provides services in 110 countries worldwide. Libertex delivers a sense of security to its clients by ensuring proper funds protection as it is regulated by the Cyprus Securities and Exchange Commission (CySEC). They offer to trade in commodities, stocks, CFDs, ETFs, indices, cryptocurrencies, and forex.

Libertex offers a demo account service to its clients to have experience in the real market for newbies. It also provides standard accounts and Islamic accounts to its clients. Libertex is not commission-free, which means it charges brokerage commissions on trades through its platform.

The commission charged can vary from asset to asset and trade to trade. Libertex charges a commission between 0.47% and 2.5% on cryptocurrency pairs. While on stocks, it charges a commission of between 0.1% and 0.2%. However, it does not charge spread fees.

There are no hidden fees, deposit/withdrawal fees, or monthly fees for trading. The only fee that Libertex charges is the commission, as mentioned above.

The platform of Libertex can be accessed through mobile apps for iOS and Android devices. The app is clean and user-friendly, with easy order placement, the ability to pre-order, a stop-loss feature, live quotes, and profit-taking. Technical analysis, recommendations, and trading signals are also freely available on the app.

Libertex allows traders to deposit funds into their accounts through different methods, including bank transfers, Debit/Credit cards, Skrill, Neteller, Sofort, Trustly, GiroPay, iDEAL, P24, Rapid Transfer, and Multibanco.

Traders can find Solana on Libertex by searching for the SOLUSD pair.

Pros & Cons of the Libertex platform:

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3 – Capital.com – Trade Solana Commission-Free

Capital.com is a global CFD brokerage with subsidiaries in the United Kingdom, Cyprus, and Belarus. Over 2 million traders call it home, and it has processed over $18 billion in transaction activity. Investors who seek more flexibility in their investments can choose a UK-based trading platform at Capital.com.

It is a CFD specialist platform that offers leveraged trading and short-selling. Solana can be traded through Capital.com by putting 50% of the margin.

Simply put, a trade of $100 can be made through an account with a balance of only $50. Capital.com platform not only allows you to long SOL, but investors can also try to short-sell Solana if they think the price will correct or consider that the Solana token is overvalued.

Over 3,000 liquid assets are spread across five sectors, making it an appealing option for all traders.

Initial Deposit

Captial.com requires a minimum deposit of $20 to get an account open. Client funds are fully separated at RBS and Raiffeisen; accounting behemoth Deloitte audits two of Europe’s largest financial institutions and accounts. This broker also caters to institutional clients through its Prime Capital division, implying a large liquidity pool. Captial.com offers only a proprietary trading platform.

Another exciting service offered by Capital.com is that it offers services at a meager cost compared to other brokers. Along with commissionless trading, Capital.com also charges meager spread fees.

CFD stock trading is recommended only for experienced investors, but Capital.com offers to help newbies with educational materials, including a trade learning mobile app. Like other brokers, it accepts payments through debit/credit cards, bank transfers, or e-wallets. It also offers demo-account trading for risk-free trade learning. The FCA also regulates it.

Pros & Cons of the Capital.com platform:

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4 – Plus500 – Trade Solana with Low Fees 

The best way to maximize your position in Solana or another UK share is to have an account with the Plus500 stockbroker. The CFD-specialized broker offers leverage up to 5:1, which can multiply the actual money in an account by 5 and give investors a relatively larger amount to buy shares. Thus, traders can take a large position in the market and buy shares of a company with relatively little money in their accounts.

This broker offers share trading for more than 500 companies mostly based in the United Kingdom and the United States. Plus500 has a 100% commission- fee for CFD share trading. The broker has some account fees and charges minimal spread fees. However, it is considered one of the most cost-effective stockbrokers in the United Kingdom.

The broker provides clients with one of the most popular and user-friendly stock-trading platforms with unique features. These features include price alerts, risk management tools, an economic calendar, and, most importantly, a built-in charting package. Risk management is provided with the feature of a stop-loss order that, if added to the trade, protects the investor from maximum loss and manages their risk.

Technical charts benefit newbie traders; investors can access about 100 technical studies. However, the more customized features are restricted to more experienced traders. The Plus500 also offers a stock trading app for mobile phones to make trading easier for investors.

The UK’s Financial Conduct Authority comprehensively regulates the stockbroker and is approved by other European regulators. The accounts offered by Plus500 are all backed by the Financial Services Compensation Scheme to ensure the safety of funds.

Initial Deposit – Plus500 requires a minimum deposit of £100 to open an account.

Payment Methods – Traders can use a debit card, credit card, PayPal, Skrill, or a UK bank account as a payment method.

Regulation – The FCA regulates the Plus500 broker. Therefore, one must not be concerned about the safety of funds and regulations. 

Pros & Cons of the Plus500 platform:

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5 – AvaTrade

Focusing on CFDs and forex trading, AvaTrade has been operating since 2006. The organization is headquartered in Australia, although it also maintains offices in Japan, the British Virgin Islands, Canada, and South Africa.

AvaTrade gets a lot of things right. It has an easy-to-use interface, interoperability with numerous trading platforms, and various education and research resources for individuals who want to research before investing.

AvaOptions, a proprietary platform where users may trade FX and retail options, will have to be the crème of the crop for this service. AvaTrade has a high minimum deposit balance of $100, which is one of its disadvantages. Its price structure is highly convoluted, with several settings determining how much you pay for transactions.

Pros & Cons of the AvaTrade platform:

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6 – Binance

Binance is the world’s largest cryptocurrency exchange by daily transaction volume, with over $20 billion in deals per day. It gives you access to hundreds of assets and a smooth trading service that makes it simple to make money.

The advantages of Binance are pretty astounding. The trading commission starts at 0.0750%, which is extremely low. The more exciting part is that the fee keeps getting lower and lower as your level increases.

Expert traders can use sophisticated tools, including futures and margin trading, and the exchange offers a variety of deposit and withdrawal methods. Combining this with Binance’s high liquidity makes it easy to see why it’s so popular.

Binance, on the other hand, is a crypto-only exchange. The exchange also charges high credit card transaction fees, and the primary portal isn’t particularly user-friendly. Furthermore, the Binance interface is not particularly user-friendly for newcomers. The charts and menu options may be bewildering for first-time Solana buyers.

Binance listed Solana (SOL) and began trading for SOL/BNB, SOL/BTC, and SOL/BUSD trading pairs on April 9, 2020. Users can now begin depositing SOL to trade.

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7. Revolut

Revolut is a digital financial institution. It began as a travel card with low exchange rates in 2015 and has since evolved into a bank. It is the most rapidly developing digital bank with the most features. For frequent travelers, this is an excellent option.

Revolut has a customer base of over 2 million people. According to the company’s website, these clients have performed over 150 million transactions worth over £15 billion. Due to its genuine exchange rates, Revolut has saved clients £560 million in costs.

Another Fintech service that is gaining deserved attention these days is Revolut. This full-scale neobank based in London offers customers a full range of financial services. Although Revolut only began offering Solana services in 2021, it is doing a terrific job.

Users may now purchase, sell, and exchange Solana on the platform. The trading interface is one of Revolut’s many advantages. The app’s design and structure are remarkable, allowing users to notice buttons and make their way around readily.

Pros & Cons of the Revolut platform:

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8 – CryptoRocket

Pros & Cons of the CryptoRocket platform:

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What is Solana (SOL)?

Solana (SOL) is a decentralized computing platform that uses SOL to pay for transactions. It aims to achieve high transaction speeds without sacrificing decentralization. Solana (SOL) improves blockchain scalability by combining proof of stake consensus and so-called proof of history.

Solana can support 50,000 transactions per second without sacrificing decentralization. Solana was initially launched in April 2020 and has gained popularity over the last 18 months. The price of Solana climbed from $0.75 to a high of $214.96 in early September.

In August 2021, prices for Solana suddenly rose from around $30 at the start of the month to around $75 three weeks in, drawing mainstream attention to the altcoin. Solana gained positive traction from one of the biggest crypto trends of the summer: the launch of a primate-themed NFT collectible project. Specifically, the Degenerate Ape Academy NFTs, the first major NFT project to launch on the Solana blockchain.

Solana (SOL) isn’t only a cryptocurrency but a flexible platform for running crypto apps like Ethereum. Its major innovation is speed, which works through a bundle of new technologies, including a consensus mechanism called “proof of history.” Solana can process 50k transactions per second, compared to 15 or less for Ethereum (the ETH2 upgrade).

Although Solana is so fast, congestion and fees remain low. Solana’s founders believe that high speeds and low fees will ultimately enable Solana to scale to compete with centralized payment processors like Visa.

Anatoly Yakovenko is the most influential character behind Solana’s development. His professional career began at Qualcomm, where he promptly moved up the ranks and became senior staff engineer manager in 2015. His professional path changed after that, and Yakovenko entered a new position as a software engineer at Dropbox.

Yakovenko started working on the Solana project in 2017. He collaborated with Qualcomm colleague Greg Fitzgerald to launch a Solana Labs project. Attracting numerous more former Qualcomm colleagues in the process, the Solana protocol and SOL token were released to the public in 2020.

Is it Worth Buying Solana in 2024?

Solana is one of those cryptocurrencies whose value mostly traces the ups and downs of the general crypto market. For example, in November 2021, when the general market went through its most bullish cycle, SOL hit its historical all-time high of $250. This uptrend was followed by significant events in the crypto space, including the LUNA and FTX crashes. 

This triggered several crashes in the general crypto market at different periods, with all the cryptocurrencies losing significant value. Solana wasn’t an exception too, and its price went down below $200 by the end of 2021. SOL started 2022 with a price of $170, which dropped below the $100 mark by the end of January. 

While the cryptocurrency gained its value of over $100 for a short time in April, the tragic crash was ahead. In just two months, SOL’s value dropped by 3.5 times, and by the end of 2022, SOL even went below the $10 mark. SOL started 2022 with a price of $9.9, which is a 96% loss in its value compared to its all-time high. 

However, ever since the token entered 2023, it has received renewed interest from the cryptocurrency space that inadvertently pushed its price back to above the $10 mark. Since the beginning of 2023, SOL has never dropped below $10 again. A new buzz was created in the crypto space following Judge Torres’s decision about the SEC against the Ripple Labs lawsuit. 

For most of the enthusiasts, the decision was considered a victory for Ripple, and not only XRP but the whole market benefited from it. This pushed SOL’s price closer to $30, so the coin would bring an over 200% YTD return for those investing in it at the beginning of 2022. Since then, SOL dropped to $19 and is currently traded at a price of $19.5. 

While the numbers don’t inspire confidence, know that the entire cryptocurrency market went through a bearish phase in 2022, so Solana’s performance should not be on the token itself. Therefore, to judge whether this token is worth buying in 2023, we must assess its utilities.

The biggest one among them is its scalability and speed. At 50,000 TPS, Solana still is the fastest blockchain in the ecosystem. And with the arrival of more utility-focused crypto assets, many would likely look to Solana for their speed and scalability needs.

It will push more projects to be created on Solana, which may pump its value in the long term. The bottom line is that while Solana’s short-term trading potential is not that great, the long-term upside of this token is still significant; that alone makes Solana worth buying in 2023.

Will the Price of Solana (SOL) Rise in 2024?

Since the cryptocurrency space is still volatile, we can’t precisely comment on whether SOL will increase in 2023. In the previous months, Solana experienced some ups and downs, which were influenced by different events regarding the crypto market. 

One notable­ incident that happened in June 2023 was the SEC drama, where allegations by the Securitie­s and Exchange Commission (SEC) implicated various exchange­s in unauthorized offers and sales of cryptoasse­t securities, including SOL. In its case against Binance and Coinbase, the SEC named three cryptocurrencies, SOL, MATIC, and ADA securities. 

Following the SEC’s filing, one of the most popular brokers, Robinhood announced the delisting of these tokens. This action and SEC’s complaint put downward pressure on SOL’s value. As a result, its price­ decreased by 9.2% compared to the broader market’s 1.3% increase during the quarter. By the end of June, SOL’s value had dropped to $15, while it started June with a price of over $20. 

Things changed, however, after the Federal court’s decision about another SEC case against the crypto market became clear. According to that decision, cryptocurrencies are considered securities only when they are sold to financial institutions, and they are not securities when offered to the public on crypto exchanges. After this announcement crypto market took a short bullish run, with SOL increasing to $27. 

Taking a look at the SOL price performance history, we can see that SOL follows the trends of the general market. Given the token’s previous bullish history, its inclination to address the shortcomings of Ethereum, and the community’s trust in it, we can see Solana receiving positive enforcement that will push its price.

The Solana Foundation previously detailed its ambitions for 2023 and beyond, including the launch of Solana Mobile in April 2023, which boosted the SOL price. One planned development is Firedancer, which intends to make Solana, after Ethereum, the second smart contract network to have many independent validator clients. It improves network resiliency.

Next in line is Token-22, a new token standard that will enable the establishment of applications such as royalty collecting and secret payments. Overall, Solana intends to remain competitive throughout 2023. However, bulls need to temper their optimism. Such competitions will spread awareness about this crypto, and once talk of token becomes common in all spaces, Solana may experience a significant pump this year.

As for the technical analyses, out of the 18 technical indicators, 12 are bearish, with 2 bullish and four neutral indicators. Moving averages also indicate bearish performance for the SOL. However, this can be changed based on the developments in the general market. 

How to Choose the Right Crypto Broker

Given the abundance of brokers from which to purchase Solana, you must make the best decision possible. As you look for the best broker for you, consider the following factors:

1. Fees

When trading cryptocurrencies like Solana, finding a low-cost broker is crucial. What’s the significance of this? Because fees can quickly accumulate. Get a breakdown of the broker’s fee structure before deciding on a trading platform. Fees for withdrawals, deposits, transactions, and trading should be included.

2 – Safety

To avoid illegal access to your assets, the correct broker should have appropriate safety and security standards in place.

3. Support

A reputable broker will also have a strong customer service department to assist you with your every requirement.

4. Deposit Options

You want to be able to make as many deposits as feasible. There is always a lot of choice, from bank transfers to credit cards to payment processors. Just keep in mind that each one comes with its own set of expenses.

When you’re considering an investment, follow these things:

Solana is relatively new, so it’s difficult to examine its past performance. However, every cryptocurrency comes with risks, and this is especially true in the case of Solana. So, whenever you invest, you mustn’t get drawn into FOMO. It does not make sense that if anyone is investing in something, you must also invest in it.

1 – Research, research, research: Investment is an endless adventure. You always expect the market, and research is the best way to get that done. Do your research and be confident before you invest.

Set a goal: When investing, always have a goal in mind.

Here are the several methods we looked into:

1. Explore several social media networks.
2. Examining the course of forthcoming events.
3. Look into the fundamentals.
4. Find out what’s hot & trending right now.
5. Use specialist forums to your advantage.
6. Attend cryptocurrency meetups.
7. Keep an eye on the number of transactions.

2 – Monitor the market: The market could move differently from what you expect. Therefore, you must always be careful while monitoring the market to know how best to react. You can also explore review sites and see what they recommend.

Buying Solana as a CFD Product

Contracts for differences (CFDs) are derivatives that allow you to speculate on multiple financial markets without owning the underlying asset. It is widely used in established markets such as foreign exchange currency pairings, stocks, bonds, indices, and commodities.

Trading CFDs entails more than simply buying and selling; it also entails agreeing to swap an asset’s price difference between the time the contract is opened and the time it expires.

CFD trading has entered the cryptocurrency industry, and Solana is now available as a CFD product. If you’re having trouble understanding bitcoin trading and where to keep your crypto funds, you may use CFDs to profit from Solana. We recommend trading Solana CFDs on the Capital.com platform.

Taxation on Solana Earnings

The cryptocurrency market has grown exponentially over the last year, and government authorities are taking notice. Given the recent surge in the non-fungible token (NFT) sub-sector, the IRS wants a piece of the crypto pie. Your income tax rate and how long you’ve held on to your digital assets determine how much you pay in taxes.

Transactions in virtual money are taxable under the law, just like any other type of property. Virtual currency transactions may be required to be reported on tax returns by taxpayers. Selling or exchanging virtual currencies, using virtual currencies to pay for goods or services, or holding virtual currencies as an investment all have tax implications that may result in tax liability.

The Internal Revenue Service (IRS) issued IRS Notice 2014-21 and IRB 2014-16, providing guidance for individuals and corporations on the tax treatment of virtual currency transactions. Individuals with bitcoin as a capital asset but not in the trade or business of selling cryptocurrency might find answers in the IRS’s Frequently Asked Questions on Virtual Currency Transactions.

Profit is referred to as gain in the tax world. It’s the difference between your tax basis (typically what you bought for the shares plus transaction charges) and the amount you get when you sell or exchange them.

Taxable events that are considered property gains tax in the US:

• Exchanging your cryptocurrency for fiat money

• Making purchases with crypto

• Swapping one cryptocurrency for another – through an exchange or a peer-to-peer (P2P) channel – is a common practice.

Taxable events that are considered income taxes:

• Block rewards from cryptocurrency mining

• Crypto assets are earned from liquidity pools (LPs) or staking.

• Receiving crypto for services rendered

• Getting crypto from an airdrop

• Earning interest from lending to decentralized finance (DeFi) platforms

Taxation of capital gains

Two factors determine the capital gains tax rate:

• How long will you keep Cryptocurrency (“holding period”)?
• Cryptocurrencies are subject to additional restrictions, such as a tax rate other than the normal capital gains rate.

Holding period:

• If you own Cryptocurrency for less than a year, the increase is considered a short-term capital gain.
• A long-term capital gain occurs when you own Cryptocurrency for over a year.

Capital gain rates:

Long-term capital gains are generally taxed at no more than 15%. (or zero for those in the 10 percent or 15 percent tax bracket; 20 percent for those in the 39.6 percent tax bracket starting in 2014).

Short-term capital gains are taxed at the same rates as your regular earnings. Nevertheless, only net capital gains are taxable; capital losses might offset capital gains before calculating the tax rates. Certain cryptocurrency capital gains may not be subject to the 15% /0%/20% tax rate and, instead, be taxed at ordinary income rates or a different rate.

Automated Trading With Robots

A trading robots is a computer program that, on a computerized basis, executes all of the activities of a professional trader on an exchange. The computer software is a fully automated version of tried-and-true trading techniques. Regardless of the direction in which asset values move, robots outperform humans during periods of substantial market volatility. This is because they rely on trading strategies to generate profits even when the market is down.

In addition, the most successful Bitcoin bots worldwide are known for their lightning-fast research and execution. As a result, they can complete a huge number of transactions daily and thereby take advantage of any trading opportunities.

Trading Solana can be challenging for anyone, and there is no assurance that your market analysis will result in a profit. There are other sure ways to grow your capital with little to no effort to get around this problem. Ideally, the bots make a profit bigger in risk-adjusted terms than if you had just bought and held the same coins throughout.

Solana Mining: Can You Mine Solana?

No, because Solana is a proof-of-stake coin, it cannot be mined, no matter how robust your device or deep your pockets are.

Minimizing Risk in Solana Investment

Every investor needs to find ways to protect themselves from any significant loss. If you want to cap your exposure, then follow these rules:

Use multiple exchanges: To reduce risk in crypto trading, I use a variety of exchanges, employ hardware wallets, and invest in various narratives (Oracles, Defi, or Insurance). To reduce risk when trading, trade only when truly strong patterns form or when a coin has reached its bottom.

Fundamental & Technical Analysis: I prefer to focus on coins with strong fundamentals. I only invest on rare occasions in response to news or other events. If I decide to invest, I will also do a technical analysis. I consider things like where the currency is in its life cycle. Are there any trading patterns?

The coin has support and resistance, recent price history, news, and forthcoming events. If I invest in fundamentally sound coins, I can stay calm even if the price changes a lot because I know the price will eventually rise.

Hedge your risks: You should always have a well-balanced portfolio of investments. Use financial instruments strategically to mitigate the risk of adverse price movements. On the other hand, the investors hedge one investment by making a trade-in another.

Use a stop loss: A stop-loss order restricts an investor’s loss on an adverse move in a security position. You don’t have to monitor your holdings daily if you use a stop-loss order. An investor’s ally is a stop loss. Be a note of it, and make sure you stick to it. When things don’t go as planned when investing, you’ll want to know when to take your money out.

Set a target:  Short-term traders who want to manage risk should employ take-profit orders. This is because they can exit a transaction as soon as their predetermined profit target is met, avoiding the risk of a market decline. Traders who follow a long-term strategy dislike such orders since they reduce profits.

Solana vs. Other Cryptocurrencies

Here are some comparisons of Solana versus other popular crypto coins:

Solana vs. Bitcoin and Ether

Solana is a blockchain network that aims to create a cryptocurrency-powered ecosystem of businesses and services. Solana is not like Bitcoin, although it has some similarities to Ethereum. It distinguishes itself from the Ethereum network by offering faster transaction times, reduced costs, and a programming capability that emphasizes flexibility.

Solana can now process over 50 000 transactions per second, more than Ethereum and Bitcoin combined, and at a fraction of the cost. Developers can also create and publish customized applications in various computer languages on the Solana blockchain.

Solana Price Predictions: Where Does Solana Go From Here?

Solana is an efficient, fast, secure, censorship-resistant blockchain that gives the open infrastructure required for global adoption. However, it has gone through a significant bear phase in 2022, and only at the start of 2023 started to show some signs of recovery.

Solana Price Prediction 2023-24

Solana exited 2022 at $9.9, and the token soon took to establishing an uptrend, translating into Solana’s price increasing by 170% in mid-July. While the token has stabilized since the beginning of the year, there is a chance that it will again receive the same bullish treatment along with the rest of the crypto market. That will result in the Solana price crossing $30 by the end of 2023, and in 2024 it can have a maximum price of $45.

Solana Prediction 2023-2027

Solana’s price can increase in a major way over the next five. While we can’t make overly bullish projections with 4-digit gains, we can definitely say that the arrival of more Solana-based cryptos will push the value of Solana significantly, and it will cross $50 in 2025 and hit $100 in 2027 with a possible maximum price of $140.

Solana Prediction 2028-2032

As more projects arrive and crypto becomes a staple topic in most tech-related conversations, we can see Solana potentially leveraging that interest and growing beyond the $200. According to the bullish predictions, SOL will hit $300 by the year 2030, while in 2031, it can reach above $500 and, in 2032, even cross $700. 

Coinbase – Best Place to Buy Solana

Solana is an efficient, fast, secure, censorship-resistant blockchain that gives the open infrastructure required for global adoption. Solana was trading around $10 at the start of 2023. However, since then, Solana’s price has risen sharply. We forecasted Solana’s price at the end of 2023 to be $100.

If you’re ready to take the plunge to get in on the action, you can complete your crypto journey using our recommended broker Coinbase. Getting your account set up and ready to purchase Solana only takes three minutes.

You should also keep the following in mind:

• Investing in and trading Solana necessitates extensive research and effort
• Solana is a high-risk, high-reward investment
• Only invest what you can afford to lose
• Only use registered brokers and exchanges when trading or investing
• You should also consult review sites and online specialists for their thoughts on investing in Solana

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