Silva, still 18, has endured some difficult moments since being snapped up for £35million from Porto last summer.
Having netted in Monday's 1-1 draw at fierce rivals Albion, though, he moved on to four Premier League goals and could well go on to end the season as Wolves' top scorer – with Ruben Neves and Pedro Neto currently the joint leaders, on five.
And Coady said on the teenager: "We know what Fabio brings
"He's a young lad who has come into the team and done exceptionally well in the games that he's played.
"He's scored a few goals now as well.
"He deserves it because of the runs he makes. He is always moving between the lines and stretching the defence. That's all good to see.
"We had some young players on the pitch who did exceptionally well, in a real, real tough derby.
"So, hopefully, they continue improving and getting better as that's the main thing for us now."
Silva will be hoping to keep hold of a starting spot for the final four games of the campaign.
He has thanked boss Nuno Espirito Santo for showing faith in him as well.
"I do everything to score in every game and I'm very happy to help the team, not only with the goal," added Silva.
"I have to help the team with and without the ball.
"I feel good. I improve every week and I have to thank the coach for giving me confidence to help the team.
"He speaks with me about what I have to learn, and my team-mates help me a lot. I'm very happy to be here."