I would suggest that there are a number of flaws in that logic and explanation. IMO you are inserting way too much of your personal opinion of the stock into your interpretation of day to day low volume price movements.
If we see a spike in price on the same volume it is nothing to get excited about....
I also think its not logical to suggest that dilution is THE answer to shares being sold. The volume is just to low. We have had a couple of long-timers here on the board openly say they have sold out for one reason or another.
again.... best not to be on either end of the pendulum. ....IMO