Decided you want in on the action? You can buy Solana on FTX Exchange, Crypto.com, Coinbase, and more.
Solana is a Layer 1 Blockchain project that was designed for speed and throughput, all while maintaining decentralization and allowing for cheap transactions. These attributes make it the perfect platform for hosting decentralized applications for Defi, Web3, and NFTs.
What is Solana?
Solana is a blockchain project that uses a novel concept, “proof-of history.” Proof-of-history encodes time into the blockchain, allowing for faster transaction times, high throughput, and low transaction costs. The project is headed by Anatoly Yakovenko and Raj Gokal, who are piloting the project through this period of rapid growth.
Solana Market Capitalization
Solana currently has a market capitalization of just over 20 Billion, with a token price of $71. In terms of growth potential, market cap is the more important metric to pay attention to. At its current valuation, Solana is at #10 by market cap. The coins with larger market caps than SOL are DOT, USDC, DOGE, XRP, USDT, BNB, ADA, ETH, and BTC in that order. The top 10 cryptocurrency by market cap shifts much more slowly than lower down in the list, but mobility is still very possible.
Bull Case For Solana
Solana still has a lot of growth potential assuming the overall bull market structure stays intact. ETH competitors like ADA have 3x the market cap of SOL. Solana currently hosts a variety of Defi applications, NFT projects, and Web3 Applications, whereas ADA has yet to implement smart contracts. If market participants continue to appreciate the utility and progress that SOL has shown thus far, it wouldn’t be unreasonable to see Solana at the top 5 market cap spot. At current valuations, this would mean SOL would have a price of roughly $220.
Bear Case For Solana
Many projects have tried to steal a significant portion of market share from Ethereum over the years, and very few have seen long periods of success. Tackling an established giant like ETH requires exceptional product-market fit and cult-like support from the surrounding community. Although Solana has consistently outperformed throughout the year 2021, the fact that it is up over 4000% YTD could make it a difficult buy for many investors. Profit-Taking in times of market uncertainty can also weigh heavily on the token price. Lastly, all cryptocurrencies are heavily impacted by the surrounding market structure. An extended 2-4 year bear market could push prices down to early bullrun levels of $20-$30.
Where to Buy Solana
Solana is widely available to investors inside and outside of the United States. The exchanges that it can be purchased on include FTX US, Binance US, Coinbase Pro, Kucoin, Bybit, and many more.
Commissions
Account Min
$0
1 Minute Review
Coinbase is one of the Internet’s largest cryptocurrency trading platforms. From Bitcoin to Litecoin or Basic Attention Token to Chainlink, Coinbase makes it exceptionally simple to buy and sell major cryptocurrency pairs.
You can even earn cryptocurrency rewards through Coinbase’s unique Coinbase Earn feature. More advanced traders will love the Coinbase Pro platform, which offers more order types and enhanced functionality.
Though Coinbase doesn’t offer the most affordable pricing or the lowest fees, its simple platform is easy enough for complete beginners to master in as little as a single trade.
Best For
- New cryptocurrency traders
- Cryptocurrency traders interested in major pairs
- Cryptocurrency traders interested in a simple platform
Pros
- Simple platform is easy to operate
- Comprehensive mobile app mirrors desktop functionality
- Coinbase Earn feature rewards you with crypto for learning about available coins
Cons
- Higher fees than competitors
Commissions
FREE
Account Min
$10.00 USD
1 Minute Review
Voyager is a leading name in the sphere of cryptocurrency investing, giving you access to over 50 tokens and coins. Buy, sell and swap assets using Voyager Crypto’s simple mobile platform available as a free download for iOS and Android users.
When you invest through Voyager, you’ll pay nothing in commissions, which is a major benefit when compared to other cryptocurrency brokers. Voyager is also one of the only brokers we’ve seen that allows users to earn interest on their crypto investments.
Though the broker could do more to improve its customer service, it’s an excellent option for beginner investors and seasoned professionals alike.
Best For
- Cryptocurrency investors looking for a wide selection of supported projects.
- Investors who prefer mobile trading.
- Anyone interested in earning interest on their crypto investments.
Pros
- Simple, straightforward and intuitive mobile platform
- Wealth of investment opportunities
- Allows users to earn interest on select crypto investments
Cons
- Only available for mobile users — no desktop platform
- Limited routes to contact customer service team
Commissions
. 25% or less
Account Min
0.00001 BTC
1 Minute Review
Gemini is a cryptocurrency exchange and custodian that offers investors access to 26 coins and tokens. Founded in the US, Gemini is expanding globally, in particular into Europe and Asia. Offerings include both major cryptocurrency projects like Bitcoin and Ethereum, and smaller altcoins like Orchid and 0x.
Gemini is 1 of the only brokers with multiple platform options based on skill level. New investors will love the streamlined interface of Gemini’s mobile and web apps, while advanced investors might appreciate all the tools that come with ActiveTrader.
In addition to a host of platform choices, Gemini users also have access to insured hot wallets to store tokens without worrying about digital asset theft. Learn more about what Gemini can do for you in our review.
Best For
- New investors looking for a simple mobile and web app
- Experienced investors who need a more advanced platform with more tools
- Users looking for a 1-stop-shop to buy, sell and store all of their coins
Pros
- Easy and quick signups — can get started in as little as a few minutes
- Multitude of platforms to accommodate traders of all skill levels
- Hot wallets include insurance to protect your from theft and hacking attempts
Cons
- Charges both a commission and a convenience fee for users buying and selling through the desktop or mobile app
How Long Will It Take For Solana To Reach $200?
Price Predictions are especially speculative, and can only be interpreted as educated guesses. With the current momentum that the crypto market has, it would be reasonable to expect a “double bubble” of sorts, with a market top happening sometime in early 2022. There are many different ways to estimate the length of market cycles, but typically we know that market cycles are getting longer with diminishing returns. A chart from Benjamin Cowen below estimates a market top for Bitcoin somewhere in early to mid 2022. Assuming this is correct, most altcoins including Solana would top out around this time as well.
Where To Store Solana Safely
Storing your cryptocurrency safely is extremely important due to the inherent nature of irreversible transactions. Although it may be convenient to store your money on an exchange when actively trading, it isn’t the safest route for protecting your capital. Wallets, both software and hardware can protect your cryptocurrency from the risk of exchange hacks or a compromised account. They do this by giving you physical, personal custody of your tokens by allowing you exclusive access to your private keys. A great saying in crypto regarding self-custody says “Not your keys, not your coins!”
Best Hardware Wallet: Ledger
Ledger has an extensive track record of providing hardware wallets for cryptocurrency investors. With a simple to use interface that unlocks with a pin code, many investors choose this staple device. Additionally, Ledger offers desktop and mobile programs that allow you to track the value of your assets without sacrificing security.
Best Software Wallet: Exodus
Exodus wallet is a software wallet, meaning that your coins are stored offline using your computer or mobile device. Although they aren’t as safe as hardware wallets, they are a great option for those that are looking for more safety than leaving coins on exchanges. Exodus wallet supports Solana, and even offers staking for passive income on your assets.
Bonus Section: Solana’s ecosystem is growing rapidly, and the low cost of transacting on the network allows for new and innovative protocols to be built atop the blockchain. If you are interested in how the network’s projects can affect the growth of the token price, be sure to check out all of the projects within the solana ecosystem here. The more users, TVL, and applications on a blockchain, the more investors may be eager to invest in the underlying project.
Current Crypto Prices
At the moment, the crypto market has rebounded healthily from the lows of July, with many coins either approaching or above significant resistance levels. While this is important for them to have recovered, the recovery was relatively quick, and temporary downside from here is possible. Many investors believe that the “double bubble” theory is very much at play, and that the crypto market will reach new all time highs without another multi-year drawdown. If that turns out to be the case, that means there’s a good chance of 6+ months more of price appreciation for most crypto assets.
So, Is Solana a Good Investment?
When choosing crypto investments, there are an abundance of things to consider, and volatility is the only thing that is certain. Buying assets that are still proving their value can be a great opportunity to make gains before other investors have caught on to the value of a project. One of Solana’s head advisors is Sam Bankman-Fried, a 29 year old multi-billionare that is also the CEO of FTX exchange and Alameda Research, a quantitative trading firm. With strong partnerships and the potential to become more integrated with powerful exchanges like FTX, it’s very possible that Solana continues to grow into the future. Overall, the modern iteration of the crypto ecosystem is still very young, and the use cases that Solana can serve are much larger than what it is currently being used for. If the vision of “blockchain at NASDAQ speeds” catches on among large financial institutions, Solana’s upside could be many multiples from current prices. Placing concentrated bets on teams with strong visions is a strategy that can pay dividends in crypto, and this team shows no signs of slowing down.
Benzinga crafted a specific methodology to rank cryptocurrency exchanges and tools. We prioritized platforms based on offerings, pricing and promotions, customer service, mobile app, user experience and benefits, and security. To see a comprehensive breakdown of our methodology, please visit see our Cryptocurrency Methodology page.
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