NG approaching a critical support, watching for implied volatility reaction

Natural gas, $NG, has seen quite a slide today, currently sitting around 5.33 after pushing as low as 5.28. From a purely technical perspective, this area between 5.25 and 5.30 has served as a decent support level in recent trading history. I'm curious to see how implied volatility behaves if we test that 5.25 mark more aggressively. If it holds, we might see some short-term stability, possibly a bounce, but a clear break below 5.20 would, in my view, invalidate that short-term support thesis and suggest further downside is likely.

From an options perspective, any sustained break of 5.20 would probably make short-dated call spreads look increasingly unattractive, while puts might find renewed interest. Conversely, if 5.25-5.30 manages to hold, the current sell-off might present some interesting opportunities for defined risk strategies, assuming IV doesn't get completely crushed on any rebound.