I think it fair to say that STEEM is under priced.
I think this is true especially in a relative way. You look at the top 10 or 20 coins by market cap and it's easy to see that many of them are just ideas or are in very early development phase and look at their price. Compare that to Steem and the picture becomes clear.
If crypto market cap overall goes up, Steem is bound to grow, it's a given.