Solana Jumps in Price After PayPal and Venmo Roll Out Support for SOL and Chainlink (LINK)
Solana Surges Over 5% as PayPal and Venmo Add Support for SOL
Solana experienced a significant surge in value amidst the current crypto market downturn, with a more than 5% increase on Friday. This positive momentum came after retail payment giants PayPal and Venmo announced their support for SOL, the native asset of the Solana blockchain.
On Friday, PayPal made a groundbreaking announcement that users of both platforms could now engage in buying, selling, holding, and transferring SOL, along with LINK, the token associated with the decentralized oracle platform Chainlink.
Following this news, the value of LINK also saw a slight increase of over 1% and is currently trading at $13.00. In comparison, SOL surged from $117.15 to a high of $124 before settling at $122.78 by the end of the trading day.
Despite the overall crypto market cap experiencing a slight decline of nearly 1% in the past 24 hours and almost 2% in the past week according to data from CoinGecko, Solana’s performance stood out as a positive outlier.
Global Market Turbulence and PayPal’s Expansion
The recent drop in crypto prices can be attributed to the new wave of tariffs imposed by President Donald Trump, which have disrupted global markets. President Trump’s executive order included a 10% baseline tariff on all imported goods entering the US, aimed at safeguarding domestic manufacturing.
Additionally, a proclamation detailing “reciprocal tariffs” on numerous countries, with rates reaching up to 54% on China, has further added to the market uncertainty.
PayPal’s expansion into the crypto space has been a significant development, with the payment platform acquiring Venmo’s parent company, Braintree, for $800 million in 2013. In addition to supporting SOL and LINK, PayPal also facilitates transactions in Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Bitcoin Cash (BCH), and the stablecoin PayPal USD (PYUSD).
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