If a token is created where it's primary value to the token-holder is its value compared to ETH, then yes, if a token-holder thinks the value will go up, that's a decent reason to hold it.
But if a token is created where it's primary use is to exchange it for something (for example, if a retail store replaced its "Buy ten X and your next X is free!" punch cards with tokens, so you can exchange ten "made a purchase" tokens for one X), then its primary use would be to users who want the thing being exchanged for. A secondary market might emerge where a user decides they no longer want the thing being exchanged for, and are willing to sell their token off to someone who does (similar to how there's a secondary market for gift cards in the real world. The primary purpose of a gift card is to spend it. But if you really don't like the store you have a gift card to, you can go through the effort of trying to find someone who is interested in that store. It would be very unlikely to hoard gift cards thinking their value would go up over time).
So, it depends entirely on what the designer of the token created them for, and what utility they do have.