Yes, this is exactly the case, and my account is an example of this. I have already fulfilled the activity norms for rank increase a long time ago, but the lack of merit doesn't allow me to get the next one. In general, each account has 2 important parameters, without which it is impossible to increase. This is activity and merit. If the first accumulates by itself after the expiration of time (and a sufficient number of posts), then the second must be deserved. Merits are distributed by other users if they consider your posts worthy of it. So, try and merit will not keep you waiting long.