🚀 Solana has taken the crypto sector by storm,
thanks to its speed, low fees, and ecosystem. From DeFi protocols, NFT collections, and meme coins, it’s considered one of the most exciting blockchain platforms available today.
However, just because Solana is fast and popular, doesn’t mean every investment you make in Solana is a smart investment.
If you are planning on making an investment in SOL or Solana projects, here are five common mistakes to avoid, along with how to secure your funds.
❌ 1. Not Prioritizing Secruity of Wallets
The Mistake:
Many new investors misplace their SOL or tokens on centralized exchanges, without setting up a secure wallet. This is dangerous.
Why it matters:
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Exchanges can be hacked
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You don’t physically own your private keys
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Withdrawals can be halted for a period during volatile times
What to do instead:
Setup a Solana non-custodial wallet like:
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Phantom
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Solflare
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Backpack
Store your seed phrase offline and utilize 2FA wherever possible.
❌ 2. FOMO Investing in Hype Tokens
The Mistake:
Investing in the latest meme coin or NFT project just because it’s trending on Twitter or Discord.
Why It’s a Problem:
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Most hype coins dump fast
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Very few teams are doxxed and credible
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Risk of being rugged (exit scam)
What to Do Instead:
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Research the project; who is behind it? What is the utility?
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Check tokenomics, roadmap, and community health
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Avoid buying at a massive price spike
❌ 3. Forget Gas Fees (Yes, even on Solana)
The Mistake:
Mistaking Solana for being “basically” free and making hundreds of transactions, or minting lots of NFTs without checking your balances.
Why It’s a Problem:
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While it is cheap, those fees can add up
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Bots congestion can spikes fees on the network
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You may not leave enough SOL for fees and lock your wallet
What to Do Instead:
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Always leave at least 0.01 SOL in your wallet for fees
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Check network status via Solana Beach or Solscan
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Don’t use spammy dApps that make unnecessary transactions
❌ 4. Not Understanding Solana Projects Prior to Purchase
The Mistake:
Purchasing random Solana based tokens (Hugh Murray or SPL tokens) without knowing what they do.
Why This Is a Problem:
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Some of these tokens are illiquid or non-transferable
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Scammers launch fake versions of any legit token
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You may end up holding worthless coins
What To Do Instead:
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Use something like Jupiter Aggregator or Birdeye to check real token data to act as a secondary sense check
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Check the token contracts on Solana Explorer
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Read the project whitepapers, Discord, and Twitter updates
❌ 5. Failing to Diversify
The Mistake:
Using all of your funds to buy $SOL or one ecosystem token i.e., $JTO or $BONK.
Why This Is a Problem:
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The price of Solana is very volatile
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One project may crash regardless of how well the ecosystem is doing
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You limit your exposure to any upside elsewhere
What To Do Instead:
Diversify your risk across:
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SOL (layer-1 exposure)
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Quality DeFi tokens (like $JUP or $MOBILE)
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Stablecoins (such as USDC on Solana)
Always have an exit plan and do not invest more than you are willing to lose.
