BDM Daily SP Discussion, page-278

I hope you're right re 30c+.

But this is trading psychology 101. Those that bought at say 25c have endured a 50% drawdown since, they "lost" half their money.

For those that aren't in a position or don't have foresight, don't have that kind of risk appetite or (enter any other reason) they have a chance to sell at break even. Lots do this, it happens every day. And that influences how chart patterns form.
Add all the trading volume between 22-28c over a 9-10month period, with a few 5-10m days in there. 20m? 40m? I don't know I haven't looked that closely. But it's in the 10's of millions.
No doubt some will hold, no probs. But there's likely still plenty left to sell. Especially if we get a few decent red days in the markets.

I suspect if we go quickly to say 30c, it might be a week of 5m+/day volume to get through that supply. Maybe markets will be green for a few weeks and we see lots of buyers/confidence come in.

I'm not saying it will happen, but more often than not it plays out like that. I'm easy either way