Thoughts on $SLV's recent dip below 54

Been watching $SLV pretty closely lately, and that move today, dipping below 54 again, caught my eye. We've seen it test that 53.20-53.50 region a few times now as support, and it held each time. Today's low of 53.235 is right there, almost to the penny. The prior bounce off this level was pretty sharp.

I'm curious if anyone else is seeing this as a potential re-test before a push higher, or if the consistent re-testing weakens the support. If it can hold this zone and we get a decent close above 54.00 tomorrow, it might signal some accumulation. However, a clear break and close below 53.00, especially on higher volume, would invalidate that idea for me and suggest further downside is more likely. What are others' takes on this? Are we just consolidating before the next move, or is this a distribution pattern playing out?