The Gunners let the lead slip against Manchester United and were forced to settle for a 1-1 draw at the Emirates Stadium on Sunday, which has left them two points ahead of fifth-placed Tottenham Hotspur and a point behind Chelsea having played an extra match.
However, Wenger does not believe that the draw has dented the club's hopes of finishing in the top four.
"I think that equaliser played a big part in this game because it put us in a difficult position," Wenger told ESPN. "We had to open ourselves completely up and put everything forward and sometimes a little bit more with energy than with technique. We opened ourselves up for counterattack where we could have lost the game.
"Sagna is very disappointed. He is a player who gives absolutely everything in every game and I think he made a bad pass that can happen and maybe after, he panicked a bit because he maybe wanted to repair too quickly what he did. He had time to tackle but he has saved us so many times. It was unfortunate that it happened today.
"If we win our games, it will be enough and I'm convinced we will be there. There is no room for dropping points but the other teams are in the same position. We know we cannot drop points."
Arsenal travel to Queens Park Rangers in their next match on Saturday.