Solana is one of the fastest-growing ecosystems in crypto, with its decentralised finance (DeFi) protocol enabling a new generation of innovative dApps to flourish outside of first-generation systems like Ethereum. Although DeFi took a hit with May’s crypto crash, we could be seeing the beginnings of a recovery now, with SOL up 10% on the day.
To get your hands on Solana today, keep reading to find out how and where to buy SOL.
How & where to buy Solana in the UK and elsewhere
You can purchase Solana coins from a variety of the most popular cryptocurrency brokers and exchanges that are available today. We’ve recommended a couple below for your convenience—start trading today by creating a free account and making your first deposit.
We only ever recommend regulated and reputable services, so you can be sure that your investment is in good hands with either of the platforms below.
What is Solana and what is DeFi?
Solana is an open-source blockchain built from scratch with DeFi and decentralised apps (dApps) in mind. Launched in March 2020, work on Solana had been ongoing since 2017, and some of the blockchain’s advanced features include its hybrid consensus, which deploys both proof-of-stake (PoS) and proof-of-history in order to make Solana one of the most scalable blockchains out there.
The goal of the Solana Foundation is to make DeFi accessible to everyone, from bedroom traders to institutional investors. But what is DeFi? Decentralised finance refers to an emergent, cryptocurrency-based financial system that employs many of the primitives of traditional finance (TradFi) in a blockchain-native environment. In other words, DeFi brings traditional ideas like interest-bearing accounts, lending/borrowing, and bonds into the 21st century.
Should I buy SOL today?
A look at Solana’s weekly chart shows that it has reversed a downward trend and broken horizontal resistance around the $31 region. This is indicative of sustained buying pressure, and suggests that a further move to the upside could be on the cards.
Solana 7-day chart. Source: CoinMarketCap
Currently priced at $31.08, SOL has pulled back slightly from its initial move up. Buyers might look to regroup here before pushing the price higher, and so this could potentially be an excellent buying opportunity for prospective SOL investors.