Wolves, who lost 2-1 at home to Ipswich Town on Saturday, have conceded a league-worst 40 goals in 16 matches and are mired in the relegation zone in 19th place with nine points.
"I'm not interested in my own position. I know the work I do every day and I know the situation we're in," O'Neil told reporters.
"I know getting this group to perform the way they did took a lot of work. People can point the finger at me but some of the responsibility has to land on the players."
Wolves Chairman Jeff Shi expressed his support for O'Neil earlier in the week despite the team's poor form and disciplinary problems, with Mario Lemina losing the captaincy after an altercation with West Ham United's Jarrod Bowen.
On Saturday, defender Rayan Ait-Nouri received a second yellow for a post-match scuffle.
"That group downstairs need me this week to help get them into a place where they are ready to go. I'll keep fighting for them and with them until I'm told not to," O'Neil said.
"It doesn't mean I don't think I'm going to get sacked. For every (poor) result which comes the chances of me losing my job heighten. It doesn't concern me, the situation drives me to want to do better."
Wolves next visit Leicester City, who are 16th on 14 points, on December 22.