He should not be sacked, besides as said earlier in the week Kenwright is not that type of Chairman. I would think Martinez will be given at least another 12 months to progress his strategy.
It looks like 34 points will be sufficient to stay in the Premiership this year, so we are only 5 victories away from guaranteed safety, hence the fears of relegation are to me totally unfounded. Obviously our objectives at the beginning of the season were far higher than just survival but if the motivation in getting rid of Martinez is the fear of relegation, then I do not believe it is warranted.
We each have our own theories be it the players or the manager or both - for me, it's a lack of leadership on the pitch combined with individual errors and poor form that makes us currently easy pickings for even inferior teams. There's not a single player who is currently playing to their abilities, and crucially there's not a leader on the pitch. The nearest is Baines but with the best will in the world he's never going to be a Reid in the leadership stakes.
We have to keep the faith and keep supporting.