Phantom Wallet Tops Apple App Store: A Bullish Signal for Solana?

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Phantom Wallet has achieved a significant milestone by climbing to the third position in the utility category on the Apple App Store. The app is trailing only behind major apps like Google and Google Chrome.

This surge has sparked speculation among crypto enthusiasts about the potential positive impact on Solana (SOL), given Phantom Wallet’s origins as a Solana-exclusive wallet.

Rising Popularity of Phantom Wallet

The recent rise of Phantom Wallet on the App Store is being viewed as a potential bullish indicator for Solana. One of the influencers fuelling the speculation is crypto entrepreneur Evan Luthra. In a post shared with his 413,900 followers on X, Luthra excitedly remarked on the potential for a big season for SOL, asking his followers which Solana coins to invest in.

Similarly, crypto influencer Borovik expressed his bullish sentiment on both crypto and Solana, highlighting Phantom’s new rank among utility apps.

 The surge in ranking follows Phantom Wallet’s report of achieving seven million monthly active users, as shared in an April 29 post on X. The crypto community often interprets increases in monthly users of crypto wallets as a sign of broader adoption and confidence in the associated blockchain networks.

Industry Stakeholders’ Reactions and Solana’s Performance

Phantom Wallet’s success coincides with a notable rise in Solana’s price. Solana is trading at $174.11, marking a 25.13% increase over the past 30 days, according to CoinMarketCap data. Recently, Franklin Templeton, a global investment firm, predicted Solana to become the third major cryptocurrency asset after Bitcoin and Ethereum.

Notable crypto trader Shear has remarked on the development with Phantom Wallet. He stated that if Phantom Wallet and the cryptocurrency exchange Coinbase both climb into the top 10, it might signal the market’s peak. Coinbase is currently ranked 288th on the Apple App Store. Shear voiced his intention to sell everything if these indicators materialize.

Factors Influencing Phantom Wallet’s App Store Rankings

Phantom Wallet’s ranking on the App Store is influenced by a variety of factors beyond just download figures. These include monthly uninstalls, in-app transactions, and user sentiment in reviews. Despite MetaMask securing the 75th position in the same category, it has 10 million monthly active users as of February 2024, illustrating the complexity of app ranking dynamics.

Originally launched as a Solana-only wallet, Phantom has since expanded its support to include Bitcoin, Ethereum, and Polygon blockchains. This versatility has broadened its appeal to a wider audience within the crypto community.

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