It has been on the way out for the last 10 years. I suspect that X11 outlives Wayland simply because the latter will be replaced by yet another technology but X11 applications will still be supported.
I think the eventual goal is to get the major DEs and toolkits to stop supporting their X backends in the near future. Then X would be effectively dead but for ancient legacy applications.
This has already happened for ALSA with some applications. If you want to use BlueZ or Firefox, your options are either PulseAudio or no sound at all under Linux.