Before you go crazy and change any of your current parameters and or dosing regime, I would simply move the coral. First of all if you keep everything else you are doing the same and move the coral it would be a good indicator that moving either helped or hurt. If you start chasing your tail changing 2 or 3 things you will never know. I personally do not like my alk at 10. However stability is much more important than the number you chose.
In my opinion, if that first picture is a good representation of what the coral looks like to your eyes. Then I believe it could use more light. A lot of people on here will tell you it has a “bleached” look. I do not think that is the case. Hard to tell by the pics but it looks like it is on the right side of that tank. I would move it to an area you believe has more light. If you believe it is in an area that is well lit, then I would make some kind of lift for it. Raise it 4-5” and wait a month and see what happens.
Lastly, color is much harder to achieve than growth in my experience. When my tank is in a good stride and 90% of SPS look amazing there is always a few pieces that I am not getting the best color out of. It is what it is. Some frags take AWHILE to color up. I have one milli that is beautiful, it is a perfect pink/purple. Almost Lavender. The minute I take a frag from it the frag turns green. Within a week. Then will take 3-4 months to get that original color back. Another example is a TSA Bill Murray. The original frag I got was perfect color wise. It was orange with a green base and light blue growth tips. Within two weeks in my system it was 100% green. I acclimated it to my lights and placed it in a spot where I knew it would do well. TSA personally told me their best colony gets blasted with par. So I placed it in a very high par spot. It grew well and stayed solid green for over a year. It is just now getting that nice deep orange while the base is staying green with the nice blue new growth/tips.