Solana price

in SGD
Top market cap
S$250.01
-- (--)
SGD
Market cap
S$136.66B #5
Circulating supply
546.54M / 612.29M
All-time high
S$383.13
24h volume
S$8.12B
Rating
4.1 / 5
SOLSOL
SGDSGD

About Solana

SOL, short for Solana, is the native cryptocurrency of the Solana blockchain. Designed for speed and scalability, SOL powers an ecosystem that supports decentralized applications (dApps), smart contracts, and NFTs. The Solana network is known for its ultra-low transaction fees and fast processing times, making it ideal for high-performance applications like DeFi platforms, gaming, and tokenized assets. SOL is used for staking, transaction fees, and participating in network governance, ensuring the blockchain remains secure and efficient. Whether you’re exploring crypto or considering future opportunities, SOL’s innovative ecosystem is paving the way for decentralized finance and digital ownership.
AI insights
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Last audit: 26 Sept 2022, (UTC+8)

Solana’s price performance

Past year
+20.65%
S$207.21
3 months
-4.34%
S$261.34
30 days
-19.58%
S$310.88
7 days
-1.70%
S$254.32

Solana on socials

FREDDY
FREDDY
Called $mooncake at 76k on my Tg group HRSJDD4SQDMS9VF5duGAF2cWKu2JDU9tU5B4yuEspump
Impermanent Gains
Impermanent Gains
Solana looking good here
Retired Chad Dev
Retired Chad Dev
After spending a day with the protocol, I quite like its mechanics and I feel it's promising. Hylo is basically a mix of DAI and AMPL. It always tries to overcollateralize like DAI with quality collateral, LSTs. Likening to AMPL is basically its "rebase" mechanism where the rebase equals staking rate * collateralization ratio and this is distributed to staked stables holders and treasury. This gives phenomenal yields in the expansion phase with a high inflation asset like SOL as collateral. However, when collateral goes into a prolonged bear phase, it doesn't do negative rebase by auto-shrinking supply, nor does it liquidate collateral like DAI. It uses the second token that shares part of the TVL which acts like a leveraged play on the collateral. As hyUSD gets closer and closer to being undercollateralized, it first incentivizes redemptions of the stable for the collateral, then later halts new issuance altogether. At the same time, it incentivizes issuance of the leverage token on the collateral and later auto issues the leverage token to stakers. This is great for deep dips or prolonged dips in bull markets, or if you have strong conviction in the long-term viability of the collateral token, which is SOL here. Main risks are if the stability pool gets emptied out because nobody believes in the bull market anymore. If most of the market believes SOL is dead for a long, long time and don't want leveraged plays on SOL, then stakers pull out. There won't be any sHyUSD to pull out and issue xSOL. In that case, it is inevitable that the protocol goes undercollateralized. However, it is to be seen how the market behaves. Nobody can predict and this is a real risk. In my opinion, in addition to the 150% and 130% thresholds, there should be another threshold of 110% or so, where the collateral is liquidated partially to bring the CR back to healthy levels. But, this means dependence on a secondary stable or something else that hyUSD holders can redeem or stay as collateral. Needs more thought here. Without any liquidation mechanism, I stay worried about the behavior of the protocol in the long term, simply because the market is unpredictable.
Retired Chad Dev
Retired Chad Dev
Ok, so I tried out @hylo_so today. It is a very interesting protocol and the @colosseum investment intrigued me (I am an LP in the Colosseum fund). I am super wary of algo stables, even if overcollateralized, so I approached this with caution. The mechanism is new and interesting with a 2 token model - xSOL, a leveraged SOL, and hyUSD, a pegged stable - backed by jitoSOL collateral. This is made FOR bull markets. My concerns here are twofold - cost and existential risk. 1. Cost - For anyone that uses stables to generate yields, starting with USDC or other stables means you incur a 0.1% fee + slippage to buy jitoSOL (that's the only collateral) in normal mode. Redemption costs 0.1% to redeem sHyUSD and 0.3% to redeem hySOL back to collateral. This is almost half a month of yield at the current 16% top of the line yields on the stability pool. So know what you are getting into and be prepared. 2. Existential risks - a) SIMD228 or similar: sHyUSD basically generates its exorbitant yield using jitoSOL that is the underlying collateral. As staked SOL yields go down, this will struggle to provide market competing rates on top of the other risks it has. b) Prolonged bear: When SOL prices grind down for prolonged periods as they do in a bear market, sHySOL keeps getting auto-converted to xSOL which is leveraged SOL. This is good for holders in bull markets as deep dips give you auto exposure to leveraged SOL for even better results. The result is the inverse in a bear. You will end up with nothing. c) Again, in a bear, as SOL prices grind down and collateral dips and sHyUSD keeps getting converted to xSOL which will be worthless, or users redeem to avoid this (redemption fee goes to 0.1% before it gets here), the entire pool keeps getting shrunk slowly, and the protocol shall enter cockroach mode. So, know what you are getting into before you do. The yields are great without the need to loop or monitor leverage BUT the cost you incur needs at least a month to be in the pool to be on par with the base yield. And if you are afraid of a looming bear, the risks amplify. One last thing is I wish the protocol chose INF instead of jitoSOL as collateral, for a plethora of reasons which I don't wish to get into here.

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Solana FAQ

Solana is a blockchain network that focuses on providing lightning-fast transaction speed without compromising security or decentralization. Like Ethereum, Solana enables the smart contract infrastructure necessary for launching and running decentralized applications and tokens.

Solana combines the Proof of History (PoH) protocol and Proof of Stake (PoS) mechanism to establish a dynamic and lightning-quick means of achieving consensus and transferring value on the blockchain. The PoH protocol enables the synchrony of all computers connected to the Solana network and establishes the chronological ordering of historical data. On the other hand, PoS governs the processes involved in picking validators and assigning tasks to them.

After you buy SOL, you can use your SOL tokens to explore the Solana blockchain and pay for transactions and services on-chain. You can access popular DeFi protocols, collect and trade trending Solana NFTs, and stake tokens to a validator to earn staking rewards.

Easily buy SOL tokens on the OKX cryptocurrency platform. Available trading pairs in the OKX spot trading terminal include SOL/USDT, SOL/USDC, SOL/BTC, and SOL/ETH.

You can also buy SOL with over 99 fiat currencies by selecting the "Express buy" option. Other popular crypto tokens, such as Bitcoin (BTC), Tether (USDT), and USD Coin (USDC), are also available.

Alternatively, you can swap your existing cryptocurrencies, including XRP (XRP), Cardano (ADA), and Chainlink (LINK), for SOL with zero fees and no price slippage by using OKX Convert.

To view the estimated real-time conversion prices between fiat currencies, such as the USD, EUR, GBP, and others, into SOL, visit the OKX Crypto Converter Calculator. OKX's high-liquidity crypto exchange ensures the best prices for your crypto purchases.

Currently, one Solana is worth S$250.01. For answers and insight into Solana's price action, you're in the right place. Explore the latest Solana charts and trade responsibly with OKX.
Cryptocurrencies, such as Solana, are digital assets that operate on a public ledger called blockchains. Learn more about coins and tokens offered on OKX and their different attributes, which includes live prices and real-time charts.
Thanks to the 2008 financial crisis, interest in decentralized finance boomed. Bitcoin offered a novel solution by being a secure digital asset on a decentralized network. Since then, many other tokens such as Solana have been created as well.
Check out our Solana price prediction page to forecast future prices and determine your price targets.

Dive deeper into Solana

Solana describes itself as a third-generation network designed to solve the blockchain trilemma – the notoriously difficult feat of improving performance without compromising decentralization and security. Solana might succeed where first and second-generation blockchains have struggled by introducing innovative methodologies to optimize a blockchain network's speed while retaining a high level of decentralization.

Solana's decision to focus on finding a balance between speed, security, and decentralization stems from the need to create enabling environments for launching world-class decentralized applications (DApps). The goal is to provide a blockchain network to help DApps attain the same functionality and user experience that their centralized counterparts offer.

The Solana ecosystem has SOL as its base currency, which users can use to make payments, settle related fees, and participate in the network's staking economy. The digital asset also doubles as Solana's governance currency. In essence, SOL holders can vote on proposals that would, in turn, determine the type of changes and upgrades adopted by the Solana ecosystem.

How does Solana work

Like most blockchains, Solana relies on a consensus algorithm. Such algorithms ensure blockchains don't require intermediary entities like Visa or PayPal to execute and validate transactions. However, rather than opt for the energy-intensive and slower Proof of Work (PoW) consensus protocol like Bitcoin, Solana has adopted a more dynamic alternative that gives room for highly scalable and eco-friendly operations.

Specifically, Solana’s dynamic consensus system combines the in-house designed Proof of History (PoH) protocol and the popular Proof of Stake (PoS) model. PoH creates a historical record of events and transactions and allows the system to process transactions faster and more efficiently.

Armed with these two consensus mechanisms, Solana can reportedly process up to 50,000 transactions per second, which is why it is often called the "Visa of the crypto world." This is an exceptional feat considering that Ethereum, the most popular application-based blockchain, currently has a maximum theoretical TPS of 119. According to Solana, developments are underway to increase the current maximum transaction size possible on the network, which currently stands at 1,232 bytes. QUIC, a Google-built transaction ingestion protocol currently live on Solana's Mainnet-beta, could be the key to unlocking a larger transaction size.

Solana provides a flexible development tool kit that supports three popular programming languages: Rust, C, and C++. Solana has also highlighted community-driven efforts to allow on-chain programs to be written in other languages such as Python via Seahorse. Proponents of Solana argue that the possibility of writing smart contract codes with multiple programming languages will help developers access a more familiar and flexible development environment, unlike what we have on blockchains with native smart contract languages.

Additionally, the Solana blockchain has a block propagation protocol named Turbine that makes data distribution faster across the network. Finally, Solana uses Gulf Stream, a Mempool-less transaction forwarding protocol that enables validators to execute transactions beforehand.

Solana's high-speed and low-cost transactions make it an attractive platform for DeFi applications. It supports various DeFi projects, including decentralized exchanges (DEX), lending and borrowing platforms, and yield farming protocols. Furthermore, with its ability to handle a large number of transactions per second, Solana is a suitable platform for blockchain-based games. Developers can build interactive and scalable games on Solana that offer rewards in SOL or other tokens.

SOL price and tokenomics

Launched in March 2020, SOL initially sold for $0.22 to supporters through a public auction, successfully raising $1.76 million. The subsequent surge in Solana's value led to a significant private token sale round in June 2021, generating a substantial $314 million for Solana Labs. The funds raised in this round are earmarked for the development and promotion of a robust and expansive decentralized finance (DeFi) ecosystem on the Solana blockchain.

Over the years, the Solana team conducted five funding rounds, starting with a seed round of $3.17 million, followed by three private funding rounds that eventually culminated in a $20 million Series A. An additional $1.76 million was raised through a public auction in March 2022 with CoinList. These funding efforts have propelled Solana's growth and positioned it as a prominent player in the blockchain space.

The SOL price reached its all time high of $259.69 back in November 7, 2021. Although the Solana price fell sharply and stagnated in the years following, the latter part of 2023 saw the token gain bullish momentum. SOL prices reached above $100 for the first time in almost two years during late January 2024, and continued its uptrend to hit $195.72 on March 24, 2024. Various factors have contributed to the Solana price rise, but many commentators attribute it to the growing strength of the network. Solana surpassed rival smart contract blockchain Ethereum for decentralized exchange (DEX) volume during March 2024, reportedly due to a flurry of activity surrounding Solana-based memecoins and a superior volume to total value locked for Solana.

Key tools and technologies in the Solana ecosystem

Launched in October 2021, the Jupiter swap aggregator is considered by many to be an influential part of Solana's success. Jupiter aggregates liquidity for Solana, helping users to find the best prices with minimal volatility and slippage.

Meanwhile, Magic Eden is the largest non-fungible token (NFT) marketplace on Solana. The platform allows users to buy, sell, and mint digital collectibles, and also provides various resources to help developers build their own projects. Although Magic Eden is a major NFT marketplace on the Solana network, it also supports other chains including Polygon, Base, Ethereum, and Bitcoin Ordinals.

Another key tool in the Solana ecosystem is Pyth Network. This blockchain oracle allows smart contracts to interact with real-world price data in real-time. Data is collected from a large quantity of sources including exchanges, market makers, and financial services providers. Significantly, Pyth Network can find and publish off-chain data on-chain, powering DApps (and their users) with access to high-fidelity real-time market data.

SOL distribution

The initial supply of SOL, totaling 500,000 tokens, was distributed among various entities involved in Solana's early funding rounds. Notably, a portion was allocated to investors in the Seed round, while another share was reserved for participants in the Series A rounds. Additionally, some tokens were sold in a public sale, and a portion was distributed among the founding team members who contributed to the project's development. Furthermore, the Solana Foundation, a not-for-profit entity supporting Solana initiatives, received its share of tokens. Lastly, a community reserve fund, managed by the Solana Foundation, also received a portion of the initial supply to support the broader Solana community.

About the founders

Anatoly Yakovenko, a software engineer, first introduced Solana in 2017 when he published a whitepaper where he proposed the concept of Proof of History and how it can optimize the throughput of blockchains. Before venturing into the blockchain ecosystem, Yakovenko worked at Qualcomm and Dropbox as a software engineer.

After introducing the Solana project, Yakovenko teamed up with one of his former Qualcomm colleagues, Greg Fitzgerald, to co-found Solana Labs, the software development company responsible for building and maintaining the Proof of History-based blockchain network. Along the line, Yakovenko and Fitzgerald recruited more former Qualcomm colleagues.

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Market cap
S$136.66B #5
Circulating supply
546.54M / 612.29M
All-time high
S$383.13
24h volume
S$8.12B
Rating
4.1 / 5
SOLSOL
SGDSGD
Easily buy Solana with your AUD