Total supply, the project's market maker, roadmap, and whether the project is an L1.

As of now, the only projects that can have big FDV and yet keep rallying are L1, I've seen IP, BERA, and now INIT all of them can rally even after massive airdrop dumping.
So, I think if I were to invest into premarket I'd choose project like these, other project will automatically out of my investing list.

But I won't bet too much on pre market though, too much manipulations since it got small volume, unless the coin is truly under priced in the pre market.