Cole is okay because he realised that his life is more valuble than he thought and this was the first time he saw the worl beautiful for 15 years,this was the only time he saw the world was beautiful. Cole's power and belonging/love need got met by touching the spirit bear because he felt like he trusted the spirit bear and the  spirit bear trusted him also,so Cole felt like he successed, accomplished, and achieved something, and felt trusted, so now he feels that it's okay between them and nothing else bad is going to happen.

 Cole is not okay because just by looking at him, it looks like he is not going to make it. He can barley do anything without making himself flinch or in pain. It's the peoples point of view, they think cole in not okay, but on the inside he really was.

If I were to pick if Cole is okay or not I would pick No because I'm thinkng about the present not the past. The past was that he saw the meaning of life and the present is that he's injured badly.