The reports (and visual indications, i.e., me looking at the images) say that the level is still rising. A couple of things could happen. One, it could drain back and disappear. Two, the mass of the lake could cause the cone (Pu'u O'o) to fracture, and a fast-moving flow of lava could shoot out the base of the cone. This happened at Nyiragongo in 1977 -- flows moved up to 40 mph, even catching elephants on the run. Three, the lake could rise until the cone overflows, causing a magnificent lava fall.
Keep watching!
The classic theory holds that there is a (single, stationary) hot spot under the slowly-moving central Pacific plate, and that the much more heavily-weathered (eroded) Hawaiian Islands towards Midway are the oldest and “coldest” and shortest.
Makes sense. But, if there is only one hot-spot, why is there a new island growing to the southeast of the Big Island (still underwater now) if the main volcanoes on the big island are still active?