It will only start to go up in the very long term. It is too early for that to happen. The July bubble was based on novelty, hype and the comparatively tiny amount of liquid Steem in existence. Looking at that as any kind of basis for value is unrealistic and leads to the situation where people panic.

The most recent spike over the few days was just based on the news of changes. You see it all the time in crypto. I think as long as people keep sensible expectations then they will not lose their heads.