PayPal has expanded its cryptocurrency offerings in the US by adding support for Solana (SOL) and Chainlink (LINK).

These tokens join PayPal’s existing lineup, which includes Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Bitcoin Cash (BCH), and its native stablecoin, PYUSD.

PayPal’s Crypto Expansion Highlights Rising Demand for Solana and Chainlink

Both Solana and Chainlink play critical roles in the blockchain space. Solana supports fast, low-cost transactions and is widely used in decentralized finance (DeFi), gaming, and Web3 applications.

Chainlink, on the other hand, is essential for enabling smart contracts to access real-world data through decentralized oracles.

According to BeInCrypto data, the two assets currently rank among the top fifteen cryptocurrencies by market capitalization. This makes them strategic additions to PayPal’s crypto offering.

May Zabaneh, PayPal’s Vice President of Blockchain and Digital Currencies, explained that the update reflects strong user demand for more crypto options.

According to Zabaneh, the goal is to give users greater flexibility and more ways to interact with digital assets across PayPal’s ecosystem.

“Since we initially made cryptocurrencies available on PayPal and Venmo, we’ve been listening to our users about what they want to do with crypto on our platforms. One piece of feedback we’ve heard is to make additional tokens available that align with our mission of revolutionizing payments,” Zabaneh stated.

Meanwhile, PayPal’s latest move comes as the company strengthens its presence in the digital asset space. With over 434 million active users and a 45% share of the global online payments market, PayPal is in a strong position to influence how mainstream users engage with crypto.

Moreover, industry experts see this integration as a logical next step. Max Hamilton, an investment researcher at Foresight Ventures, noted that legacy companies like PayPal enjoy deep trust, regulatory experience, and extensive networks. These advantages make them well-positioned to incorporate crypto without losing ground to newer competitors.

“Established giants like [PayPal] wield an unparalleled advantage in distribution, a moat built over decades of customer acquisition, merchant relationships, and regulatory compliance And we continue to see them co-opting crypto offerings into their ecosystems so as to not be displaced by them,” Hamilton stated.

PayPal first entered the crypto space in 2020, allowing users to buy and hold Bitcoin and Ethereum.

Since then, the company has deepened its involvement in the emerging sector by launching PYUSD, a dollar-pegged stablecoin, on Ethereum in 2023.

In 2024, it expanded PYUSD to the Solana network. This move helped boost the stablecoin’s circulating supply to $733 million as of press time.

Earlier this year, the company revealed plans to embed PYUSD more deeply into its ecosystem. This includes enabling merchants to accept it for payments and expanding use cases across its platforms.

Onyxcoin (XCN) has experienced a significant downturn in recent weeks, with its price falling nearly 50% over the past month. 

Currently trading at $0.0090, the altcoin’s performance has sparked concerns among holders as it faces the possibility of a major bearish move, including a potential Death Cross.

Onyxcoin Investors Are Losing Profits

The MVRV Long/Short Difference, a key metric for understanding investor sentiment, has dropped to a 4-month low. This indicates that long-term holders (LTHs) are losing profitability, with the indicator barely above the zero line.

If this metric continues to decline and crosses into negative territory, it would suggest that short-term holders (STHs) are now the ones profiting, further fueling the bearish sentiment around Onyxcoin.

In addition, the decrease in the MVRV Long/Short Difference reflects the lack of confidence from LTHs, who have previously been the main supporters of the altcoin. As these holders become less profitable, the chances of selling pressure mounting increase, which could worsen the current downtrend.

Onyxcoin’s technical indicators are also signaling further challenges. The Exponential Moving Averages (EMAs) are nearing a Death Cross, a bearish event that occurs when the 200-day EMA crosses below the 50-day EMA. If the downtrend continues, the likelihood of this crossover becomes higher, which would indicate that selling pressure is dominating. 

A Death Cross is generally viewed as a signal for further price decline and a continuation of the bearish trend. The growing concern is that if the Death Cross is confirmed, Onyxcoin could face a significant correction, potentially dropping lower.

XCN Price Continues To Fall

Onyxcoin’s price is currently sitting at $0.0090, having experienced a significant 50% decline over the last month. If the downward momentum persists, XCN could fall to the $0.0083 support level, further extending its losses.

Given the current bearish indicators, it is more likely that XCN could test lower support levels, with a potential drop to $0.0070 if the $0.0083 support fails to hold. This would mark another leg down in the altcoin’s struggle to regain upward momentum. 

However, if Onyxcoin manages to reverse its trend and breach the $0.0100 barrier, it could potentially climb toward $0.0120, invalidating the bearish outlook.

This scenario would require significant buying pressure and a shift in investor sentiment, something that may become more plausible if the market conditions improve.

Ethereum’s transaction fees have dropped to their lowest point over four years, marking a significant shift in on-chain activity.

The decline comes as the network faces mounting challenges, including falling market performance and weakening fundamentals.

Ethereum Faces Declining Fees and Inflation Concerns

According to IntoTheBlock, Ethereum’s total transaction fees dropped by nearly 60% in Q1 2025, falling to roughly $208 million as of April 4. The firm noted that this was their lowest level since 2020.

“Total ETH fees decreased to their lowest level since 2020 this quarter, primarily driven by the gas limit increase and transactions moving to L2s,” IntoTheBlock stated.

Several factors have contributed to this decline. The biggest driver is the adoption of Layer-2 networks, especially Coinbase’s Base. Ethereum’s Dencun upgrade, which launched in March 2024, made transactions on these scaling layers much cheaper.

As a result, more users are bypassing Ethereum’s mainnet and shifting to faster, cost-effective alternatives. According to L2Beat, Base currently processes over 80 transactions per second, leading all other Layer-2 networks.

Despite the benefits of lower fees, Ethereum’s underlying metrics are showing signs of strain.

Michael Nadeau, founder of The DeFi Report, flagged a steep drop in ETH burn rates. He noted that ETH burned through major platforms like Uniswap, Tether, MetaMask, and 1inch, which collapsed by more than 95% since November 2024.

Nadeau explained that fading retail enthusiasm and the slower-than-expected scaling from L2s are contributing to Ethereum’s reduced deflationary pressure.

“ETH’s annualized inflation is now 0.75%. We should expect it to continue to rise, exceeding BTC inflation. We should also expect Ethereum’s fundamentals to continue to erode over the next year,” he added.

Meanwhile, the network’s financial performance reflects these concerns. ETH’s price fell over 45% in Q1 2025, marking its worst quarterly performance since 2022.

In comparison to Bitcoin, Ethereum has also underperformed, losing 39% of its value against BTC this year. That drop has pushed the ETH/BTC ratio to its lowest point in nearly five years.

Still, long-term investors are not backing down. IntoTheBlock pointed out that Ethereum whales accumulated over 130,000 ETH as the price dipped below $1,800—its lowest since November 2024—signaling strong buy-the-dip sentiment.

Beyond that, industry experts believe the upcoming Pectra upgrade, scheduled for May, could give the asset a fresh start.

According to them, Pectra can help restore confidence and drive renewed growth across the Ethereum ecosystem with its improved wallet functionality and user experience.