Solana Surges Over 5% as PayPal and Venmo Add Support for SOL
Solana has defied the crypto market doldrums by experiencing a significant surge of more than 5% on Friday. This surge came after retail payment giants PayPal and Venmo announced their support for SOL, the native asset of Solana.
PayPal and Venmo Embrace Solana
On Friday, PayPal revealed that users of both PayPal and Venmo platforms can now buy, sell, hold, and transfer SOL, along with LINK, the native asset of Chainlink. This announcement has led to a positive response in the market, with LINK also experiencing a 1% increase in value.
SOL’s price rose from $117.15 to a peak of $124 before settling at $122.78 by the end of the trading day. In contrast, the overall crypto market cap has seen a slight dip of nearly 1% in the past 24 hours and almost 2% in the past week, according to data from CoinGecko.
Market Turbulence Due to Tariff Concerns
The recent decline in crypto prices can be attributed to the global market concerns stemming from President Donald Trump’s imposition of new tariffs. Trump’s executive order imposing a 10% baseline tariff on all imported goods into the US has rattled the markets, impacting various sectors including cryptocurrencies.
Furthermore, the proclamation of “reciprocal tariffs” on numerous countries, with rates reaching up to 54% on China, has added to the uncertainty in the market.
PayPal’s Expansion in the Crypto Space
PayPal’s acquisition of Braintree, Venmo’s parent company, in 2013 for $800 million has paved the way for the integration of various cryptocurrencies within its payment platforms. Apart from SOL and LINK, PayPal also supports Bitcoin, Ethereum, Litecoin, Bitcoin Cash, and the stablecoin PayPal USD.
With the addition of SOL to its list of supported cryptocurrencies, PayPal and Venmo are further enhancing their offerings in the rapidly evolving crypto space.
Stay Updated with The Daily Hodl
For more crypto news and updates, follow The Daily Hodl on X, Facebook, and Telegram. Subscribe to receive email alerts directly to your inbox and stay informed about the latest price actions and developments in the crypto market.
Stay connected with The Daily Hodl Mix for a curated blend of news and insights to keep you informed about the ever-changing world of cryptocurrencies.
Image Credit: Midjourney