Most probably 2020 and 2021 will become years of a new STO hype. Don't expect any miracle during the bear market while everything is bleeding. In a best case scenario we'll see some really popular STO project at the end of 2019 and it will become a start of STO era.
You are right, ICO and STO are correlated with the market sentiment. That being said I guess a lot of investors have realized that STO actually have a value. And if we are to have a bullish market the money will go into STO and no longer in ICO. At least that's what I would do