Yes, your water condition can change very quickly. There are a lot of reasons for this and a few are:
adding new fish...
vacuuming an cleaning out a whole tank ...
changing out filter media....
and sure there a many more reasons for a water quality to change quickly.
Even in a cycled mature tank these changes can happen quickly and produce a mini cycle.
As above poster mentioned.. the cycle product is no guarantee to cycle a tank and is not recommended as it just does not work and can give one the false sense that their tank is cycled. Only way to tell is to use a very good water testing kit such as the API master...
Also, if you have tested the water, and it is fine, then its possible that the platy you just brought home was a weak one from the LFS and did not acclimate well to your tank.
good luck with your tank..

~ kate