Even though the price has skyrocketed and volume is very low, over 97% of Steem are locked up in Steem Power. Even if people power down, they get just a fraction of their Steem each week (1/104).

So yes, be very wary of huge price spikes. It just takes one person with a lot of Steem to tank the price with such low volume. However most Steem are locked up in the network as of right now.