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Solution 1:
PayPal might be putting restrictions on your account, make sure you check PayPal's support page on why your transaction might have not gone through.
Solution 2:
Many users have found using command prompt to refresh their overall connection helps fix any transactional errors. Open command prompt as administrator and type these commands in order.
netsh int ip reset
ipconfig /release
ipconfig /renew
ipconfig /flushdns
netsh winsock reset
Solution 3:
If none of the above solutions or information is helpful to your issue, you can always use your credit or debit card directly, instead of using PayPal. In addition, online vendors have online gift cards for Valorant's premium currency. You can try to use PayPal to purchase an online gift card; most find this to be an effective solution. Note, gift cards are geo locked so purchase them from your region.