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How to Sell Solana (November 2022)

Solana has become marginally more popular in the past year, in part due to a record price gain (from $1.60 to $2.14). So it’s understandable that people like you are looking for more information about the popular crypto coin.

Sure, it’s important to know how to BUY Solana, but when the time is right, it’s important to know how to sell Solana, as well. In fact, we’d go as far as to say that any Solana information for beginners should include information about selling! Don’t worry, we’ve got you covered. Here’s everything you need to know about how to sell Solana.

How to Sell Solana

There’s a lot of information to process when you’re learning how to sell Solana, and most articles of this type will provide you with instructions like “Step 1: Choose an Exchange and Set Up an Account”. But, because there’s more to selling Solana than simple instructions for quick sales, we’re not going to give you the same information you can get anywhere else.

Here’s what you REALLY need to know about how to sell Solana.

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1. How to Buy Solana

Yeah, yeah, we know. It sounds counter-productive to start an article about how to sell Solana off by telling you how to buy Solana. But, you can’t sell Solana if you don’t have any assets to sell!

The first step is to find an exchange to buy your crypto from. Two of the most popular crypto exchanges are Binance and Coinbase. (I’ll list more trusted apps and exchanges below!)

To create an account you’re going to have to go through a KYC (Know Your Customers) identity verification process. This usually involves providing the exchange with certain information, documents or identification forms (like a government- issued photo ID, or a passport photo).

It can take a handful of days to complete, which is frustrating, but once it’s over with you aren’t typically required to repeat the same verification process over and over again.

You’ll then need to fund your account. You can do this numerous ways, such as a credit or debit card, bank transfer, or payment platform like PayPal. Once your funds have cleared and become available on your account to use, you can then buy your crypto.

2. Know When to Sell

One important aspect of learning how to sell Solana is knowing when to sell Solana. The goal of cryptocurrency investment is to learn to buy and sell Solana with the goal of making a profit. But this can be tricky because the prices of cryptocurrency is so volatile, going up and down within minutes.

When you buy Solana, you should set a “sell target”, which is a price at which you’ll be inclined to sell your Solana. This is important when learning how to sell Solana. Even long-term investors have sell targets, and they can help to protect your investments in the event of a market downturn. If you sell when the price is high, then you won’t be stuck with it when the price goes down.

A sell target can also prevent you from panic selling. Many people are elated when their cryptocurrency raises in price, and then understandably freaked out when it falls, and this dip leads inexperienced investors to sell their assets. But then the price will typically come back up, proving that maybe it wasn’t such a good idea to sell at that time.

If you trade on a platform like Binance, you’ll have access to trading charts that depict historical trends of cryptocurrencies and allow you to make a more informed decision about when to sell your assets. But, if the exchange you choose doesn’t provide trading charts, they’re easy enough to find online for free.

3. Know Your Total Portfolio Value

One factor you need to consider when you’re learning how to sell Solana is the overall value of your portfolio. If you have other assets besides Solana, then they’re all added together to calculate the total portfolio value.

Why is this important?

Some brokers or exchanges have minimum withdrawable amounts. So, you have to possess a specific amount of assets before you can withdraw a certain amount. So, if you’re required to have $1,500 in assets to withdraw $1,000, then you’ll need to have an overall portfolio value of $1,500.

It’s usually pretty simple to find out the overall total value of your portfolio, especially if you’re using a particularly user-friendly exchange platform that’s easy to read and navigate. Just remember that you need to check out the TOTAL portfolio value, not just the value of your Solana assets.

4. Close All Active Positions

If you’re learning how to sell Solana, then you need to learn some investment terms. We know that’s not what you want to hear, but it’s unavoidable.

An “Open Position” is any trade that you’ve entered and not closed by completing an opposite transaction. Open positions include things like buying an asset, long or short positions.

A “Closed Position” is when you complete the transaction by executing the opposite of the initial transaction. This means that if you bought an asset, you’ll need to sell it to close the position.

There should be a difference between the cost of your asset when you bought it and when you sell it, and this difference will indicate the profit or loss you incurred.

You typically want to close an active position as soon as you’re able to because of the volatile nature of cryptocurrency assets. Once you’ve sold your Solana, your portfolio should reflect the price equivalent of your Solana in fiat currency.

Another investment term you should learn when you’re learning how to sell Solana is “Slippage”. This refers to the difference in the price you actually sold your asset for, as opposed to its target price. This is something to pay attention to because of the volatile nature of cryptocurrency.

If you’re selling your Solana at market price, then the price could change within minutes, or even seconds. Despite the way the term sounds, slippage can actually be either positive or negative.

To close your position, you go to your broker or exchange platform, choose your Solana assets and choose the amount you want to sell them for, then choose the “Sell” option. Then you simply wait until the fiat currency appears in your account, at which point you should be able to withdraw it to your preferred payment method (like your bank account).

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Pros and Cons of Selling Solana

As you probably know, Solana is one of the most popular cryptocurrencies right now. But, when you’re learning about how to sell Solana, you should know about the pros and cons of the cryptocurrency. Here’s everything you need to know about Solana:

Pros of selling Solana

Solana rivals Etherum when it comes to speed. Ethereum can only handle around 13 transactions at a time, while Solana can support tens of thousands of transactions per second. Another difference is that Etherum works off of Proof-of-Work (POW) models, which requires users to go through a complicated process to validate their transactions.

Solana, however, uses Proof-of-History or Proof-of-Stake (POH or POS) models. These models verify transactions based on coin ownership. This drastically reduces the fees associated with Solana, as well. Most transaction fees are less than 1 cent per transaction.

Solana offers smart contracts. Ethereum was the first crytocurrency to introduce smart contracts, but other cryptocoins are introducing them to their networks, and Solana is taking advantage of them, as well. They also offer NFTs.

Because of the Ethereum network being so popular, Solana NFT transactions are completed faster because they’re conducted on the Solana network, not the Etherum network. The smart contracts and NFTs are an indication that Solana will likely be around for a long time.

Another benefit of Solana is that it creates less of an environmental impact than other cryptocurrencies. Bitcoin and Ethereum use PoW models, which creates around 60 million TONS of carbon dioxide per year. That’s nearly as much as the whole country of Greece!

This environmental impact is why Elon Musk reversed his decision to accept Bitcoin as a payment method for Tesla Inc. Solana, however, uses PoS and PoH models, which are more environmentally friendly and green alternatives.

Cons of selling Solana

Solana’s network doesn’t have the proven stability that other cryptocoins have. The unease that investors had about the network instability was worsened when the Solana Foundation Tweeted about “network instability” issues. They attributed the instability to “resource exhaustion”, and they said that their engineers were working to quickly resolve the issue. However, it’s spooked investors.

When you’re learning how to sell Solana, you should know that there aren’t as many current projects on Solana. Etherum has 2,887 dApps (decentralized apps), while Solana has 350 on its network. These projects include NFT projects, DeFi apps (decentralized finance), and gaming projects.

It’s possible that developers will flock to Solana due to its high network speeds and low fees, which would mean that more people would create projects on the network. However, it’s difficult to tell whether or not Solana’s projects will ever grow and be able to adequately compete with Ethereum.

If you’re looking for a cryptocurrency that’s free from inflation, you should choose something else. Most crypto coins set market caps, which means that there will only be a certain amount of coins in circulation at any given time (Bitcoin’s cap is 21 million coins, for example).

Solana has no such cap. They’ve started increasing annual coin production by 8%, and inflation is supposed to go down by 15% per year until it drops to 1.5% and then stays there. So, you’ll never get around inflation with Solana.

How Much Does it Cost to Sell Solana

One thing you should take into consideration when learning how to sell Solana is the fees involved in selling cryptocurrency assets. Every exchange platform charges fees, and most cryptocurrency networks charge network fees, as well. Here are some of the fees you’ll encounter when you sell Solana.

The first fee that you’ll need to know about are the fees that you’ll encounter on various exchange platforms. Before you choose an exchange platform, you should find out about their trading fees so that you don’t get nailed with high fees. Here are the fees associated with three of the most popular and trusted exchanges:

ExchangeTrading FeesWithdrawl Fees
Binance0.1%0.01 SOL
Coinbase0.5%0.000005 SOL
Kraken0.16%- 0.26%0.01 SOL

Solana has one of the lowest network transaction fees, at $0.00025 per transaction. When you compare this to other cryptocurrency network transaction fees (also called gas fees), such as Etherum which charges between $3-$10 in gas fees per transaction, it’s easy to see why Solana is an attractive option for many people.

How to Sell Solana on an App

It’s important that you know about trusted crypto exchanges when you’re learning how to sell Solana. Here are some of the most trusted exchanges on the market:

To explain how to sell Solana using an app, we’ll use Binance as an example because it’s one of the most popular platforms.

How to Sell Solana with a Limit Order

For a limit order, you’ll need to specify both the amount of Solana you want to sell, and the amount of money you will accept for your asset. The closer you set the the amount of money you’ll accept to the highest bid for assets of that type, the more likely your sell order is to be fulfilled.

How to Sell Solana with a Market Order

When you create a market order, you sell your specified amount of Solana for the highest bid on record for that asset type, instantly selling your assets.

It’s important that you’re careful when you create a market order because it’s quite easy to receive a price that’s significantly less than the last traded price, due to the volatile nature of the market.

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How to Sell Solana with a Wallet

Another important skill to learn is how to sell Solana with a wallet. Some people enjoy the extra security that comes with holding their assets in a separate wallet because crypto exchanges are vulnerable to cyber attacks, and the longer you leave your assets sitting in the exchange the more vulnerable they become. Here’s a list of some of the most trusted cryptocurrency wallets that are on the market:

  • Ledger Nano X
  • Trezor Model T
  • Ledger Nano S
  • Trezor
  • Keepkey
  • Coinbase Wallet
  • Binance (Trust Wallet)
  • Trezor Model One
  • Zengo

For simple explanation purposes, we’ll use Binance’s Trust wallet to illustrate how to sell Solana using a wallet.

How to Sell Solana using Binance Trust Wallet

The first thing you need to do is download the app to your mobile device.

  1. Open the Trust Wallet app on your Android device.
  2. Navigate to the Settings tab on the navigation bar.
  3. Switch the “DAPP Browser” option to “enabled”.

We’re going to use Pancakeswap as our DAPP for this example. You can find it under the popular DAPPs tab, or under “New DAPPs”.

  • Go to Pancakeswap, which will take you to their page to safely convert your SOL to BNB or Binance Coin. This is a safety measure that’s important when you’re learning how to sell Solana.
  • Using the Pancakeswap app, choose the amount of Solana you want to convert. If you want to swap out all of your Solana to BNB, then simply choose the “max” option.
  • Set the currency you want to be paid in, and indicate the slippage tolerance amount.
  • After you’ve set the slippage amount and the currency you want to be paid in, select “Approve”, and then wait for Pancakeswap to approve the transaction.
  • Once the transaction is approved, you’ll see that your Solana has been converted to your chosen payment (such as BNC or USD).
  • You’ll get a popup that says “Transaction Submitted”, and the amount you indicated you want to be paid for your asset will show up in your account.
  • If you chose to swap your Solana for BNC, then you can use your BNC to trade for other coins, or swap it out for fiat currency.

So, as you can see, it’s fairly easy to learn how to sell Solana.

How to Sell Solana Conclusion

With the popularity of Solana on the rise, there’s never been a better time to learn how to sell Solana. There are lots of investment terms that new investors should learn while learning how to sell Solana, but once you get over the initial anxiety about learning something new, it’s quite simple.

The learning curve isn’t as steep as most people would have you think. And most cryptocurrency exchanges have made trading cryptocurrency simpler than ever, so you’ll have no problem learning how to sell Solana. In fact, we’re willing to bet that once you’ve done it a few times, you’ll have it down and remember how to do it the next time, or even be able to teach your friends how to do it, as well!

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FAQs about How to Sell Solana

How do I decide the best way to sell my Solana?

The best way to make this decision is to determine whether you want to make money off your asset, or if you want to acquire more SOL. Basically, are you trying to acquire more money, or more assets? The answer to this question will determine how you sell your Solana. If your goal is to make more money from the asset, then you should sell when you’ll make the most money from the transaction. If your goal is to acquire loads of Solana, then you should buy when it’s low.

Which withdrawl options should I consider?

It’s important that you consider your withdrawl options when you’re learning how to sell Solana. This is important because this is how you’ll be paid for your asset. Some of these options include: credit or debit cards, PayPal, bank transfers, or cash. You can consider more than one of these options, of course, if you’re okay with accepting more than one of them. You should also choose your exchange based on whether it supports the withdrawl options you’ve chosen. There’s no point in choosing an exchange that won’t allow you to make withdrawls using your chosen withdrawl method.

When is the right time to sell my Solana?

Unfortunately, there’s no simple answer to this question. Every financial advisor will give you a different answer. However, the best answer is to choose a predetermined amount for your Solana. This amount will be your guide, and if your asset reaches that amount you should be more inclined to sell it. Other things you should take into account are things like historical analyses, and network details. This means you should pay attention to the amount of projects on the network, its growth, major investments made in the network, and the developer’s roadmap.

Where can I sell my Solana?

One of the easiest ways to sell Solana is on a cryptocurrency exchange. This is why cryptocurrency exchanges are so popular, as well as the relative peace of mind that comes with all of the security features included with exchanges. However, there are other ways to sell Solana. You can use a crypto ATM, which is a convenient way to sell cryptocurrency while you’re out running errands. Or, you could use a P2P (peer to peer) exchange and opt to meet up with someone to sell your Solana for cash.

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