There was a huge run up in the proice of Steem until June this year. It went from about 10 cents to over $2. Then in July the price stalled. It's trading today at $1.05, well above the price before the rally. For example, in March 2017 the price was less then 10 cents. now it's more than 10X what some people paid.

After the price started falling, some big whales started selling (powering down and selling). That takes more than 3 months. For example, I can see one large holder, powering down at over $300k per week. It may take some time for supply and demand to balance out.

Once more users come to Steemit, the price should rise as the demand to own steempower increases.