That changed midweek as Fulham's victory over Portsmouth pushed Sam Allardyce's team back down into 11th.
But having finally made that breakthrough and with three of their next five games at home, versatile Swede Olsson is confident Blackburn - who travel to Stoke on Saturday - can continue looking upwards.
"It felt good to come home and watch TV and see that we were in 10th place," said Olsson.
"It gives you that extra confidence to go and play much better next time and go and move up the table.
"We should have got three points against West Ham, but we didn't. I think we have got a few games coming up now that we could get three points off and if we keep playing like we have done, I won't see any problems getting at least a point, or three."
Olsson has made a breakthrough of his own since Christmas, making a series of appearances from the bench for Rovers before being given a starting berth by Allardyce for the last four matches.
The Sweden Under-21 international - who scored a spectacular overhead kick in the second leg of the Carling Cup semi-final against Aston Villa - has caught the eye after being moved out of defence and onto the left wing and Olsson insists there is plenty more to come.
"My confidence has been high even since the season started, it's just that I haven't had the chance to play on the left wing or start the games," Olsson said.
"I feel like if you score a goal your confidence gets up and then the manager will play you.
"But I can do much better than this and hopefully if I get a few more games I can show everybody that I can play much better than this.
"I haven't played there (in midfield) for a long time, and never in training with Sam Allardyce, so that was new when he put me in the starting line-up at left wing.
"I was a bit nervous, but I have played there before and you just go out and do your best.
"I am enjoying it, I like getting forward and scoring goals and creating chances. If he puts me there I am going to try and score a goal on Saturday."
Olsson, 21, has been at the club since a successful trial in 2006 and is one of several young players making an impression for Blackburn this season.
The likes of Nikola Kalinic, David Hoilett, Steven Nzonzi and Franco Di Santo have also enjoyed first-team action, and Olsson feels there is a healthy blend of ages within the squad.
"All the young players have been doing well now, they have all shown good confidence and everyone is running around and wants to show that they are good footballers," Olsson said.
"When we have been given the chance, I think we all have taken it. If we keep on going, there will be a good mix of youth and experienced players.
"The older ones have shown good character to us, to show us that we play good football.
"They keep on saying positive things and tell us not to take it easy, keep working hard and running about.
"The young ones are playing well and the older ones are still playing well too to raise their level. Everyone wants to play football."