That is a good point and something worth considering. I think this would require the majority of people to monitor the ICO on a daily basis and then match sells on exchanges to reflect ICO participation. I tend to think that with the availability on the exchanges, and the relative difficulty in participating in the ICO vs exchanges, that this price coil represents the many other markets (stocks etc) coiling action.
I try to look at the ICO in another way. Take stocks, when you offer new shares the tendency is that the price drops with the dilution. In this case with the level of "dilution" occurring the demand is offsetting it. This ICO is a different monster for sure but I am relying on my study of supply and demand... sprinkling in a little faith in the project. Thanks for the input!