I drafted a 97 MLB in round 1 last draft... he went down -7 (max) last season and has a med/high volatility.

Can I expect him to keep slipping? Or, can he recover and get better (max)?

thanks in advance! :)

the first season is the biggest change +/- and after that they will typically continue a bit more for one or two more seasons in the same direction but not always; sometimes the changes stop after the rookie season.
I would say the guy you mention wouldn't drop more than 2 or 3 more and he may not drop anymore than he already has.