That's the hope.

SP has several core use-cases:

• Witness votes
• Reward pool distribution (up/down votes)
• RC creation

Liquid STEEM has potential to power up, but is also used as transactional currency for voting services, games, etc.

Actual nexus of supply/demand depends on the overall demand driven by all these use cases, relative to the supply (powering down, liquid rewards, etc.)

If SMTs are a moderate success and reward distribution schemes from SCOT and SMTs soak up the SP demand for influencing reward pool distribution, but there is not enough new account growth (driving up demand for base SP levels to support RC creation) then it's feasible that STEEM could actually go down instead of up.

If SMTs are a smashing success, then new account growth would drive up SP demand for RCs and the success should cause STEEM price to rise.

Reality is always more nuanced than we would like it to be.