I have written some axioms that are widespread in trading platforms Which relates about currencies exactly:
1. Volume is really high, but price is still low?
the whales are accumulate the coin
2. Volume is high and the price is high?
the buyers are too much and the coin is top gaining
3. Volume is low and price is high?
a pump is happening here
4. Volume is low and the price is low?
this coin is dead , dont buy it .
simple but i hope i helped ,good luck
The points you mentioned above are valid, though trading come in two pack and they are relative to each other no matter the coin or token, they encompasses Technical and fundamental analysis. While whales has different taste for different projects and the amount of inflow of money in each coin differs in each market capitalization, once they have a fundamental news that will go global, they accumulate and pump the coin. While doing that, they keep on taking profits at every resistance. I have experience it in Chain link and Tozex. So in conclusion, it's not base on volume alone but fundamental and team updates is essential for trading.
Sometimes, you found out that a coin with high volume but thin order book or low pool, this are the coins I tried to avoid, you can only buy but it becomes a problem when you try to sell them.