You make some good points.

Various whales already put a ton of money in various markets with buy orders at different levels, creating resistance to price drops.

But the price still drops.

That's a ton of money it grinds through.

But, as you said, low price isn't always a bad thing.

Part of the reason Hive's prices isn't higher though I think is partially because of the following:

1. Hive's not on more markets. It needs to be easier to buy and sell. To power up and to sell your earnings.
2. Blogging on a blockchain is pretty niche.
3. Hive need more ease of use. Even just the keys are pretty confusing for first time users. I came back after a few years and I felt like a newb. Everything needs more documentation.
4. We need more apps and smart contracts that show the power of Hive.