An improved performance at West Ham was not enough to avoid defeat as Wolves' frailties in defence were laid bare.
O'Neil has had to endure a self-sustainable business model imposed by owners Fosun that has seen Wolves sell their best players every summer and as he fights to keep his job, the 41-year-old says he is proud of his time at the club under difficult circumstances.
"In the same place I was," O'Neil said when asked where the defeat leaves his future.
"I understand the noise and the scrutiny, but when I arrived at this football club, it had just achieved 39 points in the Premier League.
"Since then, we've managed to sell £200million worth of talent. If you start at 39 points and you take away £200million worth of talent, there's a fair chance that it's going to be tough.
"We were tipped to be relegated by every pundit in the country pretty much last season and we achieved some unbelievable things.
"More points, wins away at Stamford Bridge, at Tottenham against Man City at home, Tottenham at home, on the brink of an FA Cup semi-final, with a group that had lost Neves, Moutinho, Traore, Jimenez, Costa, Nathan Collins, Daniel Podence, and hadn't signed any Premier League players at that moment.
"Then this summer we lose our captain in Max Kilman, and we lose Pedro Neto for a combined "£100 and we sign a load of young lads that are going to be great for the football club in the future.