To further emphasize that point. There are basically two styles of glass aquarium. The most common, in terms of mass manufactured tanks, is floating bottom. The bottom is held captive by the sides and it "floats" up above the supporting surface the tank is resting on. These style of tanks almost always have a plastic trim around the bottom.
If your tank fits that description, the trim needs to be replaced once you're done with the repair. The tank will likely have a top trim too, which should also be replaced. Even if it's not structural (on most tanks it is), it will hide the top edges of the glass panels, which usually aren't finished well and are probably very sharp.
The critical alignment factor is getting the bottom of the pane even with the other sides, since the tank' weight is supported by the bottom edges of the 4 sides. If there's even a minor difference in alignment, you'll be putting significant stress on one or more of the seams and the tank will likely fail.
The second style of tank is sometimes called rimless, but it doesn't inherently lack a rim. The defining factor is that the sides rest on top of the bottom pane instead of capturing it. This style is more common with custom tanks but there are a handful of mass-manufactured brands built like this. Alignment is slightly less critical here, your goal is basically to have even-thickness seams all the way around.
Align the tank in whichever manner gives you the most confidence in terms of getting the panel positioned correctly. Some people clamp panels, it's possible to just tape it depending on the orientation. Whatever you choose, do a dry run (or several) to make sure you can quickly position and secure the panel without any stress or misalignment.
Use high quality silicone - either stuff sold specifically for aquariums or GE/momentive 100 series.
Make sure every trace of the old silicone is gone and the glass is completely clean.
Good luck. To be honest, for a tank this small, personally, I'd just replace it. It's not worth my time and effort to repair. But of course that's a personal decision.