Both parties are splitting. The traditional Republicans (now known as RINOs) are similar to the Bushes, Reagan and Eisenhower, with a strong bias towards a strong national defense, a global perspective, support for free trade and fiscal responsibility. The traditional Democrats (now know as DINOs) have their roots in Democratic presidents going back to Franklin Roosevelt, up to but not really including Obama, and are a lot closer to RINOs than to the WOKE wing that now controls the Democratic party.
One possibility is that the future will be three party: MAGA, WOKE and a DINO-RINO coalition. The alternative is that the MAGA will realize they need the RINOs, and/or the WOKE will realize they need the DINOs, and the two party system will survive unchanged.