PalNet and Steemleo have different economics of supply and demand. As you mentioned, PALnet's distribution model is not helpful to keep higher valuation and as the initial craze went down, it played to lower support level. On the other hand, Steemleo has 9 sinks to burn tokens and there is reason for whales to stake in without fear of diluting their stake.

https://steemit.com/steemleo/@dtrade/leo-and-pal-updates-from-a-trader-s-perspective-leo-going-strong-and-pal-finding-support-at-lower-level