Phantom Wallet has climbed to third place in Apple's app store utility category, sparking bullish sentiments for Solana among crypto experts and analysts.

Phantom Wallet Ranks Third in Apple App Store, Sparking Bullish Outlook for Solana

According to Cointelegraph, Phantom Wallet, a cryptocurrency wallet, is now ranked third in the Apple App Store in the utility category, after only Google and Google Chrome Apps.

Since Phantom Wallet was initially designed to be a Solana-only wallet, crypto analysts believe the surge could be a bullish indicator for the cryptocurrency.

"Seems like the SOL season is going to be Big! What SOL coins shall I buy?" crypto entrepreneur Evan Luthra asked his 413,900 X followers on May 19.

"Phantom wallet is the 3rd top utilities app I'm so bullish on crypto and Solana," added crypto influencer Borovik.

According to an April 29 article on X, Phantom Wallet recently reached 7 million monthly active users. The crypto community typically views a rise in monthly users of any crypto wallet application as a sign of broader adoption.

Phantom Wallet now ranks 32nd in all categories on the Apple App Store, trailing only X (previously Twitter) and ChatGPT, an artificial intelligence (AI) chatbot.

Phantom began as a Solana-only wallet but has subsequently expanded to handle the Bitcoin, Ethereum, and Polygon blockchains.

Solana is currently trading at $174.11, up 25.13% in the last 30 days, according to CoinMarketCap statistics.

However, if cryptocurrency exchange Coinbase, currently placed 288th, moves to the top ten on the Apple app store and Phantom Wallet follows suit, crypto trader Shear believes it might herald the market's peak.

"These are my favorite indicators, I will be selling everything when they are both top 10," Shear stated in a May 18 post.

Phantom Wallet's Self-Custodial Feature Gains Popularity Amid Growing Concerns Over Exchange Security

An app's ranking in the App Store is influenced by various criteria other than download statistics. Despite ranking 75th in the same category, MetaMask had 10 million monthly active users as of February 2024.

Rankings consider monthly uninstalls, in-app transactions, and user mood in reviews.

Phantom Wallet is a self-custodial wallet that allows users to keep custody of their keys.

This provides an alternative to holding assets on exchanges, a shift that may have been inspired by the high-profile failure of crypto exchange FTX in November 2022, which pushed individuals to seek out alternate venues to keep Bitcoin.

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