I dont think Squalo's dead, probably on the verge of death. Like he has those sparks of life still in him. It would be good of a story twist if they did kill him off, but the situation just didn't seem too grand enough to depict this swordsman's death. So he's now just unconscious.
I thought we were gonna get another troll when Xanxus' arm got chopped off, but a moment's thought later, I know that the mangaka would know that the same trick won't happen twice as good. All the more cruel reality when Squalo got stabbed dead center.
I really hate to see all these big ex-antagonists go down like this. They were presented as powerful, wilder than even the main character himself. As much as we know that Tsuna will eventually surpass them, I believe that they, combined should hold a ghost of a chance against Jagger. Tsuna coming in to save the day sounds extremely probable but too cliché. Hopefully, the mangaka knows how to turn the tides and gives us more or even better surprises than what we've encountered in the previous few chapters.