The Avalanche (AVAX) cryptocurrency broke above the $7 price level after previously failing to clear the resistance point earlier in the month. On August 20, the token recorded a 5.9% gain, moving its price to $7.175 and reaching a daily high of $7.317 alongside an increase in trading volume.
The price movement coincides with the release of a new Delphi Consulting report detailing the growth of traditional financial assets on the Avalanche network. According to the report, the combined value of these assets has climbed to more than $3 billion, marking a significant increase from $740 million last October.
Growth Driven by Tokenized Securities and Credit
The Delphi Digital report notes that a major contribution came from Japan when Progmat, the country's largest security-token platform, migrated to a dedicated Avalanche network in June. That move brought approximately $1.2 billion in tokenized securities to the chain.
Other platforms on the network have also experienced expansion:
- OpenTrade: Assets increased from about $60 million to $190 million.
- Grove Finance: Accounts for another $260 million through institutional credit-linked products.
- Securitize: Developing a European platform utilizing Avalanche to trade and settle tokenized securities across all 27 EU countries.
Delphi Consulting produced the report through a paid, fixed-fee engagement with Avalanche. Delphi stated that its payment was not tied to the findings, though some data used in the study originated from Avalanche.
Market Context and Key Levels
The $7 mark had repeatedly acted as a ceiling for AVAX throughout August before buyers pushed past it. Maintaining a position above this resistance level opens a path toward the $8.60 area, where heavier trading previously occurred, with the $10 mark serving as a larger test. Conversely, falling back below $7 would return the token to the trading range it has maintained since June.
