Volume and Price action?

You may often hear this: "without supportive volume a price movement has no conviction" or in another word due to demand and supply of the stock. More demand than supply i.e. more new buyers are willing to buy it higher. More supply than demand i.e. more new sellers are willing to sell it lower.  The new players are the key to drive the price further in either direction.

Some time, we have seen huge volume but with little price movement. Often in such cases, there are little or no new buyers and sellers but may be just transferring of share ownership among current holders. Without more new players coming to the market, price is unlikely to move much.

Similarly, can we say this: "high volume without supportive price movement has no conviction?".

What do you think?