Solana continues to solidify its position as one of the world’s foremost cryptocurrencies, with upcoming updates expected to boost the network further. Learn how you can trade SOL in this comprehensive guide.
Solana (SOL) is a highly scalable, open-source blockchain network that utilises a unique consensus mechanism called Proof-of-History (PoH) combined with Proof-of-Stake (PoS) to achieve lightning-fast transaction speeds. The native cryptocurrency of the Solana network is SOL, which serves as the medium of exchange and powers the ecosystem.
Unlike traditional blockchain networks that rely on Proof-of-Work or PoS, Solana’s PoH protocol employs a decentralised clock that allows the network to process and validate transactions in a matter of seconds, rather than minutes.
This innovative approach to consensus enables Solana to achieve remarkable scalability, with the ability to handle over 50,000 transactions per second.
Solana is the sixth largest cryptocurrency by market capitalisation,1 with a total market value of just over US$100 billion. The SOL token has gained significant traction among traders and investors, offering exposure to one of the fastest-growing blockchain networks in the industry.
If you're seeking exposure to the dynamic world of cryptocurrency, SOL could be a digital asset worthy of your attention. Solana offers a myriad of real-world use cases that are driving significant market interest and growth potential.
At its core, Solana is a highly scalable blockchain network that powers a thriving ecosystem of decentralised applications (dApps).
Solana is popular among developers and users alike for the following reasons:
SOL’s trading price has remained resilient since April 2025, with some predicting even more upside in the not-so-distant future, thanks to growing mainstream adoption.
SOL’s recent price uplift also coincided with the announcement of a new update proposal, called ‘Alpenglow’. If realised, the update could cut Solana’s latency from 13 seconds to as fast as a tenth of a second.2
As Solana continues to push the boundaries of blockchain technology, investors may find the SOL token to be a compelling addition to their portfolios, offering exposure to the seemingly vast potential of this dynamic cryptocurrency.
Ready to start your journey with SOL? Follow these four steps to buy the token securely:
Choosing a trustworthy and secure exchange is the most crucial thing for any crypto investor. Crypto.com offers a user-friendly interface combined with industry-leading security features.
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Crypto.com has in place a total of US$150 million for insurance protection of our customers’ funds, in addition to generous goodwill protection as part of our Account Protection Programme (APP).
Additionally, Crypto.com supports non-custodial wallets, which gives users full control of their private keys and funds. This guide tells you everything you need to know about crypto wallets.
To create an account, download the Crypto.com App from your app store (or visit the Crypto.com sign up page). Enter your email address, click on ‘create an account’, verify your email address and follow the rest of the guided process to complete the account set-up.
To ensure a secure trading environment, Crypto.com complies with Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations. These measures protect users by verifying identities and preventing fraudulent activities.
You will need a few documents:
Follow these next steps to complete the verification:
Verification is typically swift, giving you access to the platform immediately.
Once your Crypto.com account is verified, the next step is to fund it.
You have multiple options to deposit funds:
For new traders, it’s good to note that minimum deposits may apply based on the method chosen, and fees vary. For example, the minimum amount required per deposit via bank transfer is A$50.
Do note that while Crypto.com does not charge a deposit fee, your bank may apply a processing fee. Please reach out to your banking institution for more information regarding this processing fee.
Follow these steps for bank transfers:
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The above list is non-exhaustive. Investors should weigh these factors carefully, balancing the risks and opportunities before investing in Solana.
Before investing in SOL, it's crucial to understand market volatility. Cryptocurrencies can experience dramatic price swings, making risk management strategies essential. Consider setting stop-loss orders to protect your investment and diversifying your portfolio to mitigate potential losses.
Secure storage of your digital assets is paramount. Crypto.com offers robust wallet features that enhance security, including multi-signature authentication and cold storage options. Utilising these features can help safeguard your SOL from hacks and unauthorised access.
Finally, Australian investors should be aware of regulatory considerations. The Australian Securities and Investments Commission (ASIC), Australian Transaction Reports and Analysis Centre (AUSTRAC) and Australian Competition and Consumer Commission (ACCC) oversee aspects of crypto activity, and the Australian Taxation Office (ATO) requires investors to declare crypto-related gains. Staying compliant with these frameworks is essential to avoid penalties.
By understanding these key aspects – market volatility, secure storage and regulatory considerations – you can make more informed decisions when deciding whether to invest in Solana.
If you’re new to investing, starting small can be a useful way to manage risk. Many beginners choose to start with a modest investment and gradually increase their exposure as they gain confidence. Consider diversifying your crypto portfolio by including other cryptocurrencies to cushion against market fluctuations and reduce the impact of volatility.
Regularly monitor the price of your investment to stay informed, but resist the urge to panic buy or sell during market swings. Emotional decisions can lead to losses; maintaining a steady approach is key to successful investing.
Utilise the many tools available on Crypto.com to support your crypto journey. Set up price alerts to notify you of significant changes. Consider using recurring buys to automate your investment process, which can help you take advantage of dollar-cost averaging. Additionally, track your portfolio’s performance regularly for better insights into your investments.
1 As of 21 July 2025.
2 https://www.dlnews.com/articles/defi/solana-alpenglow-upgrade-aims-to-boost-speed-more-than-100x/#:~:text=Solana's%20'Alpenglow'%20upgrade%20is%20designed,mechanism%2C%20dubbed%20%E2%80%9CAlpenglow.%E2%80%9D
3 https://cryptonary.com/solana-network-went-down-again-mainnet-beta-restarts-after-7-hours-of-outage/
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