If by "rise up" you mean overtake either the X360 or the Wii in sales then no, it won't. There is nothing that can save the Ps3 from a distant third finish in both overall quality and hardware sales.
However, will the price eventually come down? Yes. Will third party developers continue to release their multiplats on the Ps3? That depends on sales in the next half year or so. If hardware and software sales remain so low for the Ps3 in the future, there is a real chance that the Ps3 can become irrelevent to developers.
That said, the Ps3 is a great blu-ray player and is worth every penny of the price. It just isn't really a video game console and if you are looking for a device to play video games on, you'll have to decide between a Wii, X360 or PC.
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