Phantom Wallet has surged to the third position in the utility category on the Apple App Store, trailing only behind Google and Google Chrome Apps. This significant rise has sparked speculation among cryptocurrency commentators, who view it as a bullish indicator for Solana.

Phantom Wallet, initially launched as a Solana-only wallet, now boasts the third spot on the Apple App Store's utility chart. This leap is seen as a positive signal for Solana by the crypto community, given Phantom's roots. “Seems like the SOL season is going to be Big! What SOL coins shall I buy?” asked crypto entrepreneur Evan Luthra to his 413,900 followers on X on May 19. Crypto influencer Borovik added, "Phantom wallet is the 3rd top utilities app I’m so bullish on crypto and Solana."

The climb in the app store rankings follows Phantom Wallet’s achievement of reaching 7 million monthly active users, as reported in an April 29 post on X. An increase in active users for any crypto wallet is often interpreted as a sign of broader adoption within the crypto community.

In the overall Apple App Store rankings, Phantom Wallet now holds the 32nd position across all categories, positioned behind X (formerly Twitter) and the AI chatbot, ChatGPT. Although it began as a Solana-exclusive wallet, Phantom has since expanded its support to include Bitcoin, Ethereum, and Polygon blockchains.

Currently, Solana is trading at $174.11, reflecting a 25.13% increase over the past 30 days, according to CoinMarketCap data. Some traders, like Shear, have speculative theories about market peaks based on app rankings. “These are my favorite indicators, I will be selling everything when they are both top 10,” Shear stated in a May 18 post, suggesting that if Coinbase, currently ranked 288th, and Phantom Wallet both break into the top 10, it might signal a market peak.

App store rankings are influenced by various factors beyond download numbers, such as monthly uninstalls, in-app transactions, and user sentiment in reviews. Despite MetaMask securing the 75th position in the same category, it reported 10 million monthly active users as of February 2024.

Phantom Wallet offers a self-custodial service, allowing users to retain control over their keys. This feature is increasingly attractive, especially after the high-profile collapse of the crypto exchange FTX in November 2022, which has driven users to seek more secure alternatives for storing their crypto assets.

As Phantom Wallet continues to climb the app store charts, its success is being closely watched by the crypto community as a potential harbinger of a bullish phase for Solana.