Personally I think that there will be two possible outcomes of Axol’s death,

Outcome 1 will be similar to after the anime arc, melony will have a grieving period and will act in a similar way to meggy after the death of desti, what will also probably happen is that meggy and melony will grow closer to each other as they now have even more things in common.

Outcome 2 is that this isn’t the end of Axol, I say that because after axol’s death there wasn’t anything to “say goodbye” unlike after desti’s death there was a funeral and a proper send off, I also doubt that SMG4 would have gotten through all the trouble of shipping two characters just to kill one of them less than 30 seconds later and not to mention to dedicate an entire episode to fixing inkweaver just to kill axol a few episodes later it just doesn’t seem very logical, I believe that until SMG4 directly says otherwise that one day axol could possibly make a return.