Oh! I think I see it, between the two roots. It may be a spike, you will know if is a keiki because it would start to look like a small leaf. I also see how the leafs are withering, specially the top one. Does your plant have crown rot or what do you think is going on?
To me looks like the media is very wet, but the leafs look dehydrated. If you are having humidity issues, like I usually have with phals, a humidity tray or putting a bag over it with wholes on the sides may help in keeping the humidity around the plant more constant.
Also if you are getting new roots it may be a good time to take it out of the pot and take a look at the roots and see if re-potting would help.
Now if the plant is really on the way out and you want to have a keiki, you could apply some keiki paste and see if it has energy to produce one. You may get a keiki, specially is the plant is putting out new growth.
Other members with more experience can help you in how best to save it. I would re-pot and give it some seaweed fertilizer and see how it does.
Dyeing phal new spike or keiki?
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