As most of the horses begin to swim across the channel, the tiny colt is scared to get in the water. The crowd gathered on the Chincoteague shore yells for the men to throw the colt into the water. Suddenly, one of the adult horses starts to turn around, swimming away from the group as the boatmen try to herd it back toward Chincoteague. Maureen, watching from afar, knows it must be the Phantom, and her belief is confirmed when a man with binoculars sees the white map on her shoulder.

The crowd erupts when they realize the colt belongs to the Phantom and that she is turning around to rescue it. The Phantom swims back to Assateague and coaxes her baby into the sea. The men with binoculars report all that is happening to the anxious crowd as the two begin to make their way across the channel. At one point, the baby is caught in a whirlpool and can’t keep its head above water. A boy jumps from a boat and swims toward the pony, and Maureen realizes it is Paul. Grandpa yells encouragement to his grandson as Paul swims alongside the colt, holding it up so it doesn’t get sucked into the surf.