No. In my view, traffic for the sake of traffic will not drive up the price of steem.
The price of Steem is set by supply and demand for the token in the crypto exchanges. In order for the price to rise demand for steem must increase (or the supply reduce).
Demand for Steem could increase by:
Increasing numbers of users coming to the platform, drawn by content that they have seen or by marketing. However this is a double-edged sword as new users could also increase the supply of steem to exchanges if they withdraw the rewards they make on posts.
Investors buying into steem, drawn by the potential to make returns, to advertise, to access the steem blockchain's talent pool, or by speculation. Investors are likely to be attracted by increased user numbers, new development or quality content but not simply by traffic.
So while increased user numbers could increase the price of steem, traffic as of itself is unlikely to have this effect.
In a way it can drive it up, but however in a very different way.
Steemit.com is not an ordinary blog it's a decentralized platform, so the only Way that traffic can drive up the price of STEEM is if the engagment that happen as a result of this traffic can bring in investors that will take time to invest on STEEM, then indirectly the traffic has driven up the price of STEEM
It depends what you mean by traffic. If you mean the same amount of people commenting more and posting more then the answer is no. The reward pool is only so large and everyone gets a percentage of that depending on what their rewards are.
If you mean the traffic is the result of new users and mass adoption then the answer is yes. Steem would have to be shared about amongst everyone who is earning and it would be harder to earn in the rewards. This shortage would push the price up due to scarcity of Steem. This is what is expected to happen when all the Dapps launch in March.