Christmas will probably be when it is highest. But it will also continue to grow as all these new people coming in over the past few days start getting paid, and talking about it to their friends and family. Right now its really about getting people in the door. That way there are people getting paid, that can then turn around and create STEEM shops and STEEM websites, etc. that is where the stable growth will come from. Also, there are a bunch of spiteful Litecoin users and Ripple users and DAO users, etc that have STEEM, so they will dump just out of spite. But then once actual STEEM users buy up all their coins, it will be much more stable.
And at some point some major corporation, or bank, or government, or something is going to invest, and that will create the real spikes. This was just day 2 of being over $1, headed in to day 3. Anyone that says this drop is horrible when it's been like 6 hours, isn't paying attention at all, or just has a short attention span.