Price fluctuations may be an indicator of investor sentiment. Hashrate, though, is often seen as the better market number to watch in order to truly evaluate Bitcoin adoption, and recent hashrate statistics indicate that adoption continues to grow.
Hash rate doesn't indicate adoption. I would say it just indicates
miner sentiment, which is one subset of investor sentiment. Miners appear to be bullish; whether they are correct about that remains to be seen.
There are better metrics for adoption -- blockchain/wallet activity, fiat inflows to exchanges, or even price itself since price discovery is a reflection of supply and demand.