The show runner confirmed the other day that they're setting up the story to have a second season. And she probably has greater knowledge on these internal affairs with season renewals than the public does. In particular, she said much of Qimir's backstory won't be revealed until season 2. Same for the reason why cortosis doesn't exist in the modern era. She also said there will be four to five major mysteries and plots that would be left hanging for the second season to cover.
I think a season 2 is likely. Acolyte is the second worst performing Star Wars live action show. However, according to Nielsen ratings, Acolyte's premier still beat Andor's in terms of total minutes watched by a considerable amount. 208 million for Andor versus 244 million for Acolyte. Even Andor still got a season 2.
How is The Acolyte performing?
screenrant.com
Keep in mind that Andor also had a significantly higher budget than Acolyte. So relatively speaking, Acolyte is probably considered quite a bit more of a success than Andor. Even if it had a drop-off in views during episodes 2-4, I'm guessing Episode 5 was a substantial boost.