Phantom Wallet hits the Apple App Store charts. Is this an optimistic sign from Solana?

Cryptocurrency wallet Phantom Wallet has now secured the third position in the Apple App Store Utilities category, behind Google and Google Chrome apps.

Cryptocurrency commentators are speculating that this upward trend could be a bullish indicator for Solana (SOL), given that Phantom Wallet was initially launched as a Solana-only wallet.

“I think the SOL season is going to be a huge success! Which SOL coin should I buy?” cryptocurrency entrepreneur Evan Luthra asked his 413,900 X followers on May 19.

“Phantom Wallet is the third utility app that makes me very bullish on cryptocurrencies and Solana,” added crypto influencer Borovik.

This comes after Phantom Wallet recently hit 7 million monthly active users, according to an April 29 post by X. Monthly user growth of a cryptocurrency wallet application is generally considered an indicator of broader adoption in the cryptocurrency community.

For the entire Apple App Store, Phantom Wallet currently ranks 32nd across all categories, trailing only X (formerly Twitter) and artificial intelligence (AI) chatbot ChatGPT.

Related: Where to store your cryptocurrency: Wallets offer holders a variety of options.

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

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

But if cryptocurrency exchange Coinbase, currently ranked 288th, breaks into the top 10 on the Apple App Store and Phantom Wallet does the same, cryptocurrency trader Shear believes this could signal a market peak. there is.

“This is my favorite indicator. If they are both in the top 10, I will sell everything,” Shear said in a May 18 post.

An app’s ranking in the app store doesn’t depend solely on the number of downloads; it’s influenced by a variety of factors. Despite being ranked 75th in the same category, MetaMask had 10 million monthly active users as of February 2024.

The rankings also weight factors such as monthly uninstalls, in-app transactions, and user sentiment on reviews.

As a self-managed wallet, Phantom Wallet gives users the ability to maintain control of their keys.

This provides an alternative to storing assets on exchanges. This is a change that could be influenced by the collapse of cryptocurrency exchange FTX in November 2022, which led people to look for alternative options to store their cryptocurrencies.

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