the activity means absolutely nothing though, an onchain transactions surge doesn't mean the altcoin gonna pump out of nowhere, even in the middle of bullish ETH blockchain transaction surge and fee become really high but the market dumps anyway. the surge could also means people are swapping their matic to USDT in dex .
I think it's just how the market is so weak, stock market is currently tanking, I think it can affect crypto too and cause many alts more specifically the L2 ones to further tank.

personally I've lost faith with anything ETH related though so I might be biased.