I think that maybe one of the signals to watch to decide whether this recent welcome rise in share price is the price action of the warrants.
A couple of days ago, the bid-ask on the warrants was $1.50 - $1.80. It is now $1.25 (with a blip to $1.26) - $1.80. If the share break out is for real, I would hope that the bid-ask on the warrants would rise in tandem. So far, it hasn't.