One month isn’t all that long, but the continued decline isn’t good. I’ve lost a couple of Phalaenopsis to rots that got going in the collar and they followed a similar pattern.
If you’re desperate to save it, you could try some systemic anti-fungals and/or anti-bacterials. There’s also Inocucor Garden Solution which is supposed to inoculate the plant with healthy microbes which will out compete the bad (I’m tempted to get some of this to have on hand as a non-toxic option). I’ve also seen some YouTube videos of people in the subtropics hang their dying Phalaenopsis bare root from a tree (like a Vanda) and letting nature take its course: the results were pretty miraculous.
I’ve found that my Phalaenopsis can recover from just about anything (except for Jiaho’s Pink Girl). I lost both the Pink Girls to collar rot (the two losses I mentioned) and I think that my conditions just don’t meet the needs of that particular cultivar: if the plant is stressed it’s not going to be able to fight off infection.
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