Solana Soars as PayPal and Venmo Embrace Crypto
Solana defied the crypto market doldrums and surged by more than 5% on Friday after the retail payment giants PayPal and Venmo rolled out support for SOL.
PayPal announced on Friday that users of both payment platforms could now buy, sell, hold, and transfer SOL and LINK, the native asset for the decentralized oracle platform Chainlink.
LINK jumped by more than 1% on Friday and is trading at $13.00 at the time of writing. Meanwhile, SOL rose from $117.15 to a high of $124 before closing the trading day at $122.78.
By comparison, the overall crypto market cap dipped by nearly 1% in the past 24 hours and nearly 2% in the past week, per data from CoinGecko.
Crypto prices have dropped as President Donald Trump’s new wave of tariffs rattles global markets. Trump signed an executive order on Wednesday that slapped a 10% baseline tariff on all imported goods entering the US, with the stated goal of protecting domestic manufacturing.
He also issued a proclamation detailing “reciprocal tariffs” on dozens of specific countries effective April 9th, with rates totaling up to 54% on China.
PayPal acquired Venmo’s parent company, Braintree, back in 2013 for $800 million. In addition to LINK and SOL, the payments firm also supports Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Bitcoin Cash (BCH), and the stablecoin PayPal USD (PYUSD).
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