There is now enough data to link Bitcoin and crypto price movements to easily quantifiable network parameters.

Bitcoin’s Transactions Show Highest Correlation to Prices
Transaction counts, active addresses, and price action show a connection for some coins, which explains heightened activity during rallies. A recent report by Longhash suggests some coins may reveal the intentions of their holders, based on on-chain activity.
The correlations are visible both for a longer historical time frame and for the past two years when specific price movements were also reflected in transaction counts. Bitcoin (BTC) reveals the strongest relationship between on-chain transactions and price action. The connection is both long-term and historical but also linked to the latest rallies and price slides.
“Both the number of transactions and the number of active addresses appear to correlate fairly positively with its price. This makes sense, of course — the more people are using and transacting with Bitcoin, the higher we might logically expect…

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Source: https://thebitcoinnews.com/how-bitcoin-crypto-prices-correlate-with-network-parameters/