The Sky Blues started the season tipped by many to struggle in League One on the back of a 10-point deduction, but a positive start to the campaign soon saw the deficit wiped out and City were riding high in the top half of the table by the start of November.
Talk of a play-off charge followed as Coventry flirted with the top six, yet just two wins in eight games since the turn of the year, including four defeats in their last five, have left the midlands club with one eye looking nervously over their shoulder at the relegation scrap.
Pressley's side are currently 14th heading into Sunday's home encounter against struggling Shrewsbury, five points clear of the drop zone.
"I think that (crisis) is too strong," the Scot said.
"The one thing in football is that you want to win games, there's no doubt about that, but I think what we have to recognise at this football club is the building process.
"We've probably been victims of our own success because of the acceleration of the team was so quick and so good for the first four or five months that everybody was excited.
"But I said during that period that with a young team, a developing squad and a thin squad we would get difficult periods along the way. And we're enduring that at this moment in time.
"The one things we're absolutely clear on is we're on the right path, we've made huge strides and we'll come again. There's no doubt about that.
"The club's been in decline for 15 years and it's about changing the culture, changing our identity and putting the building blocks in place."
Coventry's 34-year stay in England's top flight was ended in 2001 before relegation from the Championship in 2012 dumped the club into the third tier for the first time since 1964.
The club's subsequent financial struggles have been well documented, as has a move from the Ricoh Arena due to an ongoing rent row to groundshare at Northampton's Sixfields Stadium 34 miles away.
Throw in a 10-point deduction in the summer and it is testament to Pressley, who was only appointed last March, to consider City would be sitting on the fringes of the top six if not for the punishment.
Pressley added: "I think the 10-point deduction has not given us much breathing space for a difficult period.
"Considering the size and age of our squad, currently we'd be sitting one place outside the play-off places (without the deduction). Given all that it's been a terrific season.
"The disappointment, without doubt, has been the past three weeks and we have to ensure we get back to winning ways."