By water tray do you mean that it's sitting in water?
I'd say depends on how long it's been in your care. If it's only just come in, it's probably low humidity and bag the plant. if you've had it a while (and I'd suggest this for a new one too), carefully move back the soil and check the roots. My plants have done this due to root rot before many times. if this is the case, find the rot zone and get rid of it, then sterilize as best as you can and apply a rooting hormone, then also bag the plant.
Looks like you saved it!!!!But the media still looks funky(black)is that from the charcol?