This graph shows that there's some level of (inverse) correlation between the swap volume and $RUNE price. As the price trends downwards from the recent ATH in early Nov, the average swap volume has been stagnant around 20k swaps. Only in the week of 22nd Jan, the swap volume peaked at 69k, almost twice of the usual ATH. This seems to coincide with time ATL of Rune at around $3.61

Taking a look at the total value pooled (in RUNE), it has been relatively constant over the past 4 months. The Total Value Pooled (in USD) does seem to follow the trend in Rune Price which is to be expected as: Total Value Pooled * Rune Price = Total Value Pooled in USD

Lastly, the Total Value Locked (RUNE) in the pool is has trended upwards by 31% from End Oct to End Jan while the price of RUNE has dropped by roughly 2/3.

Given the following formula:

Total Value Locked = Total Liquidity + Node Bonded

This shows that the 31% rise in TVL has been mostly from node bonded. This does seems to show that given the drop in price, users have taken the opportunity to purchase and bond more RUNE to their nodes.