Steem can only sustain a high price with SBD trading much higher than a dollar and its debt ratio kept within the 3-5% range, this would encourage more hodling of SBD further lifting the price which can then be used on the internal exchange to soak up the excess Steem supply and thereby positive impact the external exchange via declining supply but those trading on the internal exchange must take some temporary pain...

This is the only way I really see Steem sustaining any sort of rally