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.
actually hashrate does indicate adoption but not the way OP wants. it is showing the
past not the future. basically it works like this:
adoption > price rise > mining becomes more profitable > more miners come > hashrate rises.
all these ">" signs show a one way relationship that go in the direction of the sign. in other words first adoption happens and then price rises and eventually it all leads to more miners and higher hashrate
with a delay. so when we see a big rise in hashrate it means there has been a big adoption in the recent past.