I bought @1.20 for this exact thinking but I considered it a very risky investment and am lucky it's paying out. The company's financials were not looking good at all but a couple of days and a couple of good company news later it popped. Now everyone is talking about it. My thinking was that:

1. the company merging with oneweb and owning their fleet of LEO satellites,
2. the hurrying necessity for a starlink replacement and
3. the iris2 project on the horizon gives it a huge advantage in the current geopolitical climate and thus can truly turn around completely and trade at more than just 30€ eventually.

Having said that, the company still needs ways to sort out its troubled finances so we will see how they handle everything.

It can, but not in short term. Current spike in price was due to news in media. Probably will spike again if they manage to secure some funds from EU soon.

It's usually not smart to buy into the hype. Wait for it to cool down.