Truth or Dare does not feature any found footage sequences (which has been the go-to format for Paranormal since the beginning), but a sequel could bridge the gap and establish that the Calix demon from this latest horror romp may have connections to the other franchise.
In terms of genre and style, it arguably wouldn’t be that big of a reach for Truth or Dare and Paranormal Activity to work with each other.
Both rely on demonic possession and both heavily lean on the presence of technology and social media to establish their worlds.