Considering that the price is hovering around 0.45 - 0.50 I'd have to assume you were right. There seems to be a lot of accumulation going on.

We also have to consider if Steem is on the precipice of doing something crazy like going x10. Looking at the history of Steem this is not a ridiculous notion. If that were to happen it would only take one big buyer to look at PALNet and be like:

Hm, yeah I want a piece of that too.

and the entire market below the sell wall would be instantly cleared out.
Realistically anyone can buy out the market up to the sell wall.
It's only 10k coins.