Cryptocurrency wallet Phantom Wallet has now secured the third position on the Apple App Store in the utilities category, just behind Google and Google Chrome Apps. Crypto commentators are speculating that the rise could be a bullish indicator for Solana (SOL), given that Phantom Wallet initially launched as a Solana-only wallet.

Additionally, Phantom Wallet now ranks 32nd across all app categories on the Apple Store, lagging behind X (formerly Twitter) and the artificial intelligence (AI) chatbot, ChatGPT.

It comes after Phantom Wallet recently clocked 7 million monthly active users, according to an April 29 post on X. The increase in any crypto wallet application's monthly users is usually seen by cr as an indicator of wider adoption.

Crypto entrepreneur Evan Luthra believes the spike in Phantom Wallet’s popularity on the Apple app store is a bullish signal for Solana.

“Seems like the SOL season is going to be Big! What SOL coins shall I buy?,” 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.

At the time of publication, Solana is currently trading at $174.11, up 25.13% over the past 30 days, as per CoinMarketCap data.

Although Phantom started as a Solana-only wallet, it has since added support for Bitcoin, Ethereum, and Polygon blockchains as well.

However, when cryptocurrency exchange Coinbase — which is currently ranked 288th — rises to the top 10 on the app store, and Phantom Wallet does the same thing, crypto trader Shear believes it might signal 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.

Related: Where to store your crypto: Wallets provide diverse options for holders

An app's ranking on the app store is influenced by various factors, not solely reliant on download numbers. Despite Metamask securing the 75th position in the same category, it clocked 10 million monthly active users as of February 2024.

While download numbers is a major factor, rankings also weigh factors such as monthly uninstalls, in-app transactions, and user sentiment in reviews.

Being a self-custodial wallet, Phantom Wallet offers users the ability of retaining control over their own keys. 

This provides an alternative to storing assets on exchanges, a shift likely influenced by the high-profile collapse of crypto exchange FTX in November 2022, prompting people to seek more secure options.

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