Time to ‘Defriend’ Facebook?

Don't hold your breath waiting for Facebook stock to return to its IPO price of $38, Dan Nathan of RiskReversal.com said Wednesday.

"It's down 5½ percent on the year," he said. "It's at a critical technical level. It bounced off its 200-day moving average today."

Shares of Facebook closed lower nearly 2 percent at $25.16.

On CNBC's "Fast Money," Nathan noted the stock's price action.

"It's at a critical technical level," he said. "It bounced off its 200-day moving average today."

Removing the uptrend line from the chart, the stock didn't appear to be headed toward its IPO level.

"It doesn't look like it's happening anytime soon," Nathan added.

Josh Brown of Fusion Analytics said that news that users were suffering a sort of Facebook fatigue and migrating to social media sites such as Twitter was bad news for the company.

"That's the kind of thing that you can't put a dollar figure, what that's worth to Facebook today," he said. "But it's definitely a shift in the mindset, and I think it should be troubling to people that are looking at those hockey-stick charts of Facebook user growth. It's not quite going to turn out that way."

(Read More: Kids Turn to Twitter, Shun Facebook 'Drama')

Stuart Frankel's Steve Grasso saw a breaking point for investors.

"If it closes below $25, exit the trade," he said. "That's the line in the sand."

(Read More: Yale Professor Grades Zuckerberg's Record)

Tim Seymour of EmergingMoney.com noted that $38 was "major resistance."

"There will be a lot of people who would love to see it there, and they will jump out and say, 'I'm out of jail.' But right now, it's all about what it's going to do tomorrow and not where it was," he added.

Trader disclosure: On May 23, 2013, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders:Dan Nathan is long VIX JUN 16/20 CALL SPREAD; Dan Nathan is long IBM JUN 205/295/285 PUT FLY; Dan Nathan is long TSLA JUN/SEPT 100 CALL SPREAD; Dan Nathan is long CAT JUN 85/80 PUT SPREAD; Tim Seymour is long AAPL; Tim Seymour is long BAC; Tim Seymour is long INTC; Tim Seymour is long MSFT; Tim Seymour is long FIATY; Tim Seymour is long WLT; Steve Grasso is long ASTM; Steve Grasso is long BA; Steve Grasso is long BAC; Steve Grasso is long GDX; Steve Grasso is long GOOG; Steve Grasso is long LNG; Steve Grasso is long MHY; Steve Grasso is long MJNA; Steve Grasso is long NVIV; Steve Grasso is long PFE; Steve Grasso is long QCOM; Steve Grasso is long S; Steve Grasso is funds long HA; Steve Grasso is funds long NEM; Steve Grasso is funds long OXY; Steve Grasso is funds long SPY; Steve Grasso is funds long HPQ; Steve Grasso is funds long MU; Steve Grasso is funds long ZNGA; Steve Grasso is funds long TLT; Josh Brown is long VAW; Josh Brown is long F.