common causes off top of my head.
1. Lighting
2. Change in flow pattern in the tank
3. Calc/alk levels low
4. temperature much too high. like say 86
5. it was exposed to air, then put back in water.
I think these are more likely than not noticing an urchin in your tank. Or a crab being large enough not to be noticed eating that much coraline so quickly.
Since it seems better on rock above, I am going to go with lighting or change in flow of water in tank.
Did you change lighting recently, or make adjustments?
Has the rock been moved recently from another part of your tank?
Is this a new rock to your tank?
Have you been playing with your wavemaker recently?
It should come back if it is just air exposure causing some die off. It will stay purple out of water for days, but that doesn't mean it will stay purple when put back in water.
If it is flow or light make adjustments by moving the rock to a better lit area where it is not shadowed as much, or a better flow area. Use a string on a stick to test flow in your tank to make sure there are not low flow areas on sand bed where it is.