It when into a slumber because it was weak, and needed to get its strength back. So I see it waking up and fighting alongside the Flamels and co. But I don't think it will be back to it's full energy if it slept a whole lifetime(s), and this it only slept for like a day and a half. My guess is is that it's going to be one angry spider Elder.
Remember guys it called
those spiders, so maybe it can call some more. It didn't create them.