Yes the price action, I presume, is still dictated by a lot of the applications which are forced to sell to keep making the payments for the ongoing operations. Steemit Inc is not the only one doing that.
It means that until they have a revenue stream that is not dependent upon STEEM for survival, there will be sell pressure on.
That does not negate the fact that individual accounts are adding in a big way, more than offsets what is sold.
Markets can always have a mind of their own. To presume the pricing reflects what is going on, in my experience, is a mistake.