Some viewers have pointed out that Vikings has offered several hints about Floki's final fate, and that it's unlikely that he perishes in the cave. Per Screen Rant, Floki might actually live to become the new Seer.
The show's original Seer (John Kavanagh) is an eyeless, deformed being who serves as the respected oracle of Kattegat, and he wields the power to convey messages from the gods. Until Ragnar's ruthless son Ivar the Boneless (Alex Høgh Andersen) murders him, many of the show's characters visit the Seer, licking his hand as a gesture of respect and asking for advice. However, when Floki goes to see the revered figure, the Seer turns the tables on him, and licks the boat-builder's hand instead of the other way around. In addition, the oracle has some cryptic comments for Floki, telling him that he's been waiting for him "in the space between life and death."
Since the Seer makes it pretty clear that Floki has a strange path ahead of him, being randomly crushed under a volcano doesn't seem like a fitting end for the character, let alone one that the Seer would have paid so much attention to. In fact, some fans think that Floki's Iceland adventure and increasing holy man vibes might mean that all of his season five predicaments are merely part of his journey to become Kattegat's next oracle. After all, there is a job opening, and who better to fill it than the super intense, spiritual guy who's already having all sorts of strange visions?