Solana (SOL) saw a significant price jump, climbing over 5%, on Friday. This boost came after major payment processors PayPal and Venmo announced support for SOL and Chainlink (LINK).
PayPal’s New Crypto Options
PayPal revealed that users of both its platform and Venmo can now buy, sell, hold, and transfer SOL and LINK. This move seems to have directly impacted SOL’s price. LINK also saw a positive reaction, rising over 1% to around $13.
Solana’s Price Surge
SOL’s price jumped from $117.15 to a high of $124 before settling at $122.78 for the day. This is in stark contrast to the overall crypto market, which experienced a dip of nearly 1% in the last 24 hours and almost 2% over the past week.
Market Downturn and Tariffs
The broader crypto market downturn is partly attributed to President Trump’s new tariffs on imported goods. These tariffs, including a 10% baseline tariff and additional “reciprocal tariffs,” have created uncertainty in global markets.
PayPal’s Crypto Portfolio
It’s worth noting that PayPal already supports several other cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Bitcoin Cash (BCH), and its own stablecoin, PayPal USD (PYUSD). The company acquired Venmo’s parent company, Braintree, in 2013.
Disclaimer: This information is for general knowledge and shouldn’t be considered investment advice. Always do your own research before investing in cryptocurrencies.
