Too bad the age of ICOs is dead. Stratis might have had a fighting chance.
I don't understand your affirmation. Fighting chance for what? Stratis ICO platform can also be used for STOs and they are developing it in a continuous manner. Stratis is a very competitive player in the crypto industry with a powerful suite of products and hard core developers and management team. Price is definitely not a tracker for its performance.
Market price action is not a true determinant of a project's value, in that I agree. The price of Stratis coins is just a reflection of the willingness of buyers to purchase at a certain price and the seller's willingness to sell at a certain price. There are many factors of demand and supply - perceived value is just one among many.
The price of stratis rose very fast, so early holders can sell even now for a huge profit. It will make the shakeout be a bit harder, but as long as the team keeps delivering useful updates eventually the price will come around again.