Why is the price of SOL so solid despite low on-chain activities??

As we know, the transaction fees on PoS chains typically are burnt. The ratio varies by the chain. 50% of base fees are burnt on Solana while the remaining 50% goes to the validators, whereas 100% base fees are burnt on ETH.

The left chart is the daily token burn in dollar on Solana, the right chart shows weekly token burn. It has been around $100k worth of Sol is burnt daily since mid-Feb 2025, which is lowest since 2024. However, sol's price has been pretty solid, probably it's the only token that outperformed BTC over past few days.

I'm confused. Shouldn't the valuation correlates the chain activities/revenue? I wonder why the price has been going up although activities dropped? I have been also seeing bullish news about Sol on Twitter/x.com such as ocmpany xyz invested in Sol. Buy why though? If on-chain activities are high or has been rising I would understand.