Mancini's men are now eight points behind leaders Chelsea who recorded a 2-1 win at Blackburn.
"This was the sort of game you have to win if you want to challenge for the title," added the Italian boss.
"You must play all games at 115%. I must understand very quickly why this happened.
"But the season is long, we started it very well and there is time to recover."
Victory for Wolves was their first in the league since their win against Stoke on the opening day of the season.
McCarthy refuses to get carried away with win
But following their good performances in the losses to Chelsea in the league, and Manchester United in the Carling Cup, McCarthy insisted that the win came as little surprise to him.
"That result has been coming for a few weeks - we deserved to win today," he said.
"When you are bottom, but playing well, with a great spirit, it sounds really hollow when you say things like that.
"But this performance and result summed it all up for me.
"Without our team spirit, we would be history. I have been saying that for weeks."
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