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Possible.

Sony don't ever have to release a new handheld, the Vita can do everything. If they (and 3rd parties/indies) choose to support the Vita in coming years, sales will surely boom and it becomes swarmed with games whilst also becoming significantly less expensive.

If In 2016 the system is $129 and can stream ps3 games and is receiving a shit ton of exlusives from mid level/indie devs who can't compete in the PS4's space, I think it will eventually outsell the 3DS. Nintendo need another generation to make a handheld which is accessible to indie devs who I think will become hugely important in coming years and to support the full range of games developers want to create. Not to forget that the Japanese developers whom tend to steer clear of home consoles will all adopt the Vita eventually. Whilst Nintendo may struggle to kick of their new handheld, the Vita could still be a competetive system 5 years from now.

Right now every indie title on the Vita is cross-platform, but soon I think they will realise that Vita exclusives mean more hype and lower costs. When the PS4 becomes over saturated, I believe devs will start treating the Vita as its own platform. Sony Needs to facilitate this though with its own, well considered exclusives. I honestly think the Vita will be the rebirth of the AA game.