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VI With a year of breakthrough growth, Solana coin (SOL) has become a valuable investment portfolio for many traders. In 2024, what notable milestones will SOL price be able to create? If you want to invest in Solana, what do you need to do? In this article, Crypto Pie will provide detailed information on the steps to buying SOL, from choosing the platform to safely storing SOL tokens.
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What is Coin Solana (SOL)?
Founded in 2017, the Solana blockchain platform aims to host decentralized applications (dApps). The native cryptocurrency of the Solana network is the SOL token, which is used to pay transaction fees. Due to its extremely fast transaction processing speed and extremely competitive transaction fees, Solana quickly became a formidable competitor to other large blockchains such as giants Ethereum (ETH) and Cardano (ADA).
Solana (SOL) Price History
In March 2020, SOL was sold at public auction via CoinList for 0.22 USD, successfully raising 1.76 million USD. Over the past years, the Solana project has conducted 5 rounds of ICO funding, raising more than 25 million USD. In addition, as the value of Solana skyrocketed, the project team also conducted a private token sale in June 2021, attracting 314 million USD to develop Solana Labs.
- On May 11, 2020, Solana recorded its all-time low price of 0.503701 USD.
- On November 6, 2021, Solana recorded a record high price of 259.52 USD.
- In October 2023, the SOL price was at 21 USD and by mid-November, the SOL price had increased to 65 USD.
- On December 26, 2023, SOL price exceeded 120 USD, reaching the highest mark in 2023.
According to the latest data at the time of writing, Solana price today is fluctuating around 111 USD, 24-hour trading volume is 3.4 billion USD and market capitalization is 48 billion USD.
Solana coin price outlook in 2024
In 2023, Solana grew 917% exponentially (from 9.98 USD to 101.51 USD) and became one of the most sought after cryptocurrencies.
“Ethereum Layer 1 Competitor” has experienced remarkable growth due to many reasons, including:
- The continuous innovation and evolution of Solana's technology and networks has enhanced performance, security and usability.
- Growing recognition and support of Solana's many investors, partners and influencers, including FTX, Alameda Research, Jump Trading and Sam Bankman-Fried.
- There is growing demand for adoption of Solana's platform and ecosystem, which hosts many popular projects and applications, such as Serum, Audius, Metaplex, and Star Atlas.
With the recent significant upward trend, investors are optimistic that Solana's price can continue its upward trajectory in the near future. Based on past price movements of Solana and the BTC halving cycle, Changelly predicts SOL could reach a minimum price of $101.17 and a maximum price of $399.81 by 2024.
Meanwhile, CoinCodex predicts SOL could trade between $100.78 – $514.55 in 2024. FinanceShots has a more conservative estimate, claiming that SOL could trade between $71.56- $99.98 in 2024.
Best Solana (SOL) Exchange 2024
Before buying Solana, it is important to first choose a trustworthy platform. Here are some key factors you should consider when choosing the Solana exchange:
- Security: Make sure the platform uses advanced security measures, such as two-factor authentication.
- User-friendly: Look for a platform that is intuitive, easy to navigate, and easy to use for newbies.
- Trading fees: Check trading and withdrawal fees to decide which platform is right for your budget.
Based on the above criteria, we recommend some of the best Solana exchanges in 2024 with detailed information as follows:
Kraken – The best SOL exchange with high volume
Kraken was founded in 2011 and launched in 2013, and is one of the cryptocurrency exchanges with the longest history. Kraken accepts several fiat currencies and trades nearly 250 coins.
Kraken's maker fees range from 0.00% – 0.16%, while taker fees range from 0.10% – 0.26%, suitable for high volume traders.
>> Kraken account registration link: [Insert Affiliate Link]
Coinbase – The easiest to use SOL exchange for new coin investors
Coinbase was founded in 2012 and is headquartered in California, USA. Coinbase is currently serving over 100 countries and allows trading in over 230 virtual currencies.
Coinbase is known for its user-friendly interface and ease of use, however its fees are higher than other exchanges. The fee structure of this exchange ranges from 0.50% to 1.49% depending on the payment method used.
>> Coinbase account registration link: [Insert Affiliate Link]
Binance – The best SOL exchange with low fees
Binance was founded in 2017. Although born late, it has become the largest cryptocurrency exchange in the world in terms of trading volume. To date, the platform supports trading in nearly 400 cryptocurrencies.
Binance is known for its low fees, especially for retail traders, with an average fee structure ranging from 0.10% to 0.50%, depending on trading volume.
>> Binance account registration link: [Insert Affiliate Link]
How to buy Solana easily for beginners
Step 1: Register for a cryptocurrency exchange account
After choosing a SOL cryptocurrency exchange, you can quickly open an account by providing information such as email address, name and phone number.
Step 2: Verify account
Most cryptocurrency exchanges will require users to verify their accounts by providing identification documents. Some exchanges will also require customers to meet KYC to complete account verification.
Step 3: Buy SOL coin
Once you have completed the registration and account verification process, you can search for Solana (SOL), check today's market value, and proceed to purchase SOL coins.
To purchase SOL, you need to add a suitable payment method (usually credit/debit card, bank transfer, PayPal). Then, you enter the amount you want to buy SOL or specify the number of SOL to buy. In addition, you can also swap cryptocurrencies (like BTC, ETH...) in exchange for SOL.
Step 4: Store SOL in your wallet
After you buy SOL, your SOL coins will be held in the exchange's cryptocurrency wallet. If you want increased security, you can choose to store SOL in a specialized online cryptocurrency wallet such as Trust Wallet, MetaMask or MyEtherWallet.
Frequently asked questions
What is the market capitalization of SOL coin?
At the time of writing, SOL coin capitalization reached 48 billion USD, ranked #4 according to CoinMarketCap's capitalization value.
What are Solana coin storage wallets?
To store your Solana safely, you can transfer SOL coins from an exchange to a hardware wallet (cold wallet) or an online wallet (hot wallet) such as Trust Wallet, MetaMask or MyEtherWallet.
Should you invest in SOL coin in 2024?
Although SOL has recorded exponential growth in 2023, cryptocurrencies are always at risk of price fluctuations. Cryptocurrency experts recommend that you only invest money you are willing to lose and do careful research before buying, selling, or trading SOL.
What are the highlights of Solana?
The Solana project's blockchain is highly appreciated for its fast transaction processing speed and low transaction fees, overcoming the inherent weaknesses of "elders" such as Bitcoin or Ethereum. That is also the reason Solana is known as the "Ethereum Destroyer".
