Yes, but considering Steem's growth-rate, an investment now in SP can pay off huge down the road. It also helps protect you from hackers getting your funds easily.
If you are playing the market or the short game, Steam Dollars is the way to go right this second I think. Or if you are trying to maximize the amount of STEEM you want to power up, you could try and wait for the price to drop further for a discount, but its risky incase we get a rebound.
IMO though, the step up in price we experienced was so fast, it should be healthy to see a bit of a drop continue for now. But holding Steem is dangerous at the moment.