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<\/p>\nThe total number of transactions conducted on the Solana ($SOL) network\u00a0has surpassed the 100 billion mark, at a time in which institutional investor bets on the cryptocurrency keep trickling in, despite the ongoing bear market.<\/p>\n
According to data from\u00a0Solana\u2019s blockchain explorer, the network has now processed a total of 100.06 billion transactions and is currently processing an average of 2,777 transactions per second, well below the network\u2019s touted capacity of up to 50,000.<\/p>\n
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Solana has notably been on a significant downtrend so far this year, as Finbold\u00a0reported, as has the entire cryptocurrency market and other risk assets. Market data shows that while the flagship cryptocurrency Bitcoin lost around 59% of its value so far this year, Solana lost around 82% of its value.<\/p>\n
Total value locked on Solana\u2019s decentralized finance (DeFi) space has also been dropping, presumably because the network has suffered a number of outages so far this year that affected users\u2019 confidence in it. Solana\u2019s co-founder,\u00a0Anatoly Yakovenko, has said in an interview\u00a0that outages are the network\u2019s \u201cbiggest challenge.\u201d<\/p>\n
According to\u00a0CryptoCompare\u2019s latest Asset Report, the dominance of the five largest protocols on the network has nevertheless risen over the same period,\u00a0hitting a 51.6% peak\u00a0on August 9. Solana, the report adds, benefits from a \u201cwell-diversified set of DeFi applications ranging from DEXes to lending, liquid staking, and yield services.\u201d<\/p>\n
Despite the setbacks, institutional investments in cryptocurrency investment products offering exposure to SOL have been growing after seeing $1.4 million worth of inflows last week and $1.9 million month-to-date.<\/p>\n
Recently, James Mullarney, the host of the very popular YouTube channel \u201cInvestAnswers,\u201d revealed he sees the price of SOL reach $370, which is a gain of over 1,000% from its current levels.<\/p>\n
The analyst noted he compared the price of Bitcoin to Ethereum\u2019s dominance in the future, which he assumed will be \u201cat least 25%\u201d and predicted Ethereum will hypothetical surpass $15,000 in the scenario. Using this hypothesis, he predicted Solana could have between 10% and 20% of Ethereum\u2019s dominance, reaching his target.<\/p>\n