Why the @$&% is my chalice bleaching?

[ScubaSteve]

I got a frag of a chalice from OA a few months ago. It's got to be my favorite chalice and I pined for months until OA finally decided to frag the mother in their display. When I got the frag it was a little rough as it wasn't too pleased with being cut up but with a few weeks o loving care under an overhang it bounced back and colored up like a champ. Over the course of about 7 weeks I slowly moved it back out into the light on the sand. It was happy as all hell and was growing at what I considered a good pace for a chalice for about 6 weeks. That is until about a week or two ago...

It started to look a little pale on one edge near one of the mouths that had been cut. So I moved it out of the direct light to see if it would bounce back. It got worse. So I moved it back to the overhang where I first put it. Check it this morning and it is seriously bleached! Still has some color but in some areas is pretty much see-through. WTF?

OA always had this colony on the sand under an overhang where is was happy, so I've been keeping it in similar conditions. I cannot for the life of me figure what is going on with this guy. I've never been able to get a feeding response from it to try and help it along that way.

Anyone have any suggestions? Or is this guy too far gone and I'm just going to have to watch it wither away?