Shorts in volume should do the opposite and act as a drag on the price because they represent shares sold today vs. in the future. That creates downward pressure on demand as the more people who sell today, fewer remain who are willing to buy at the same price.

That may be the case when the short volume is increasing, but at this point, with the stock price rising, traders should be looking to exit their short position.

If anything, with such a large volume short, a short squeeze is a serious likelihood in the near future.

I've been thinking the same thing. A short may be a sell, but it's also a guarantee that someone is going to buy in the future.