A few cryptocurrency analysts are viewing Phantom Wallet’s rise to the third spot in the Apple App Store’s utility category as a bullish indication for Solana.

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

Given that Phantom Wallet was first released as a Solana-only wallet, analysts of the cryptocurrency market are conjecturing that the increase may be a bullish indication for Solana \SOL $173}.

The SOL season appears to be going to be big! Which SOL coins should I purchase? On May 19, crypto entrepreneur Evan Luthra posed a question to his 413,900 X followers.

It follows news on April 29 on X that Phantom Wallet had hit 7 million monthly active users. The cryptocurrency community typically interprets a rise in monthly users for any wallet application as a sign of increased popularity.

Phantom Wallet is currently ranked 32nd overall in the Apple App Store, behind ChatGPT, an AI chatbot, and X, which was originally known as Twitter.

Phantom was first limited to Solana, but it has subsequently expanded to support the blockchains of Ethereum, Bitcoin, and Polygon.

According to CoinMarketCap data, at the time of publication, Solana is trading at $174.11, up 25.13% over the previous 30 days.

Crypto investor Shear thinks the market may be peaking, though, if Coinbase, a cryptocurrency exchange presently ranked 288th, climbs to the top 10 in the Apple app store, and if Phantom Wallet follows suit.

Shear wrote on May 18 that “these are my favorite indicators, I will be selling everything when they are both top 10.”

Download counts are not the only criteria that affect an app’s ranking in the app store. Even though MetaMask placed 75th in the same category, as of February 2024, it has 10 million active monthly users.

Rankings also take into account user attitude in reviews, in-app purchases, and monthly uninstalls.

Phantom Wallet gives users control over their keys because it is a self-custodial wallet.

This offers an alternative to holding assets on exchanges, a move that may have been brought to by the well-publicized failure of the cryptocurrency exchange FTX in November 2022, which made consumers search for other choices for cryptocurrency storage.