A run, IMHO, will have several threshold obstacles whenever it starts.
1/ There are probably hundreds of shareholders with millions of shares who participated in the entitlement with a plan to sell in the first few months to make a quick 10% or 20% . These are the ones, in my view, who are selling now just to get their money back since there was no increase as they were hoping.
2/ There are thousands of shareholders who have held for years who will sell out at 5c, 6c, 7c, 8c etc. etc. for a 50%-100% profit and be happy with that, not worrying about anything to come in the future.
3/ I think FTT will for a while be hit with day-traders as well if there is any excitement. They also may make a steady run uncomfortable and erratic.