I believe that rally that lead to the all-time-high was cut short by the beginning of the bear market and might have had one or two more legs in it had the bullrun lasted a month longer.
As to the future, I am of the opinion that most projects will pump again regardless of fundamentals (most traders on Binance do not really know what coins they invest in). You also see this in how Steem rallyed during the last altcoin season arround February and March this year.
With a higher Steem price and higher rewards, the platforms built upon Steem should have another influx of new users as they did in the last bullrun.
Weather or not Steem will be able to outcompete other projects in terms of price gains or build a much higher floor for the next bear market will in my opinion depend on what the development team does with that opportunity.
I will be making a post in the next few weeks with a more detailed technical analysis of the Steem chart.
Thanks alot for stopping by !