The token of blockchain network Celestia, TIA, has seen a strong surge in price this month, outperforming the broader market by a significant margin. This comes as traders had positioned themselves for a drop in price due to a $1.13 billion token unlock scheduled for next month. However, the market-beating rally has confounded expectations and may be due to an increase in TIA hedging demand ahead of the unlock. Bearish short positions have been crowded out, signaling a potential short squeeze that has contributed to the price surge. Additionally, a recent $100 million fundraise by Celestia may have given bears further reason to exit shorts, adding upward momentum. The impending unlock event may have already been priced in by the market.



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