It's basically over for Sanders, but that doesn't mean his campaign was futile.
Sanders will still win a lot of delegates, and be able to influence the policy platform at the convention. And he has shaped the Clinton campaign and Democratic Party, helping them become more aware of where Millennials are and just how much more progressive we've become. He's done a lot of good for this election and his impact will be felt even into the general election. A Sanders-like candidate will inevitable be nominated in the future, probably in 8 years, and he/she will be able to learn from what Sanders did right as well as make sure the campaign is stronger in its appeal to minorities and have a more solid action plan on how it would all work from the very start. It's just not time yet. I think Hillary is the best fit for President for this moment in American history, and she'll still be able to build even more on Obama's progress, it just won't go as far as Sanders was promising (which I didn't think would be possible even if Sanders did win, anyways). But we'll get there, eventually.
Let's wait until after Super Tuesday before writing his political obituary.