Yes, deactivated domain names can be renewed up until the domain name’s deletion date.
If the domain name is deactivated because the registrant requested deactivation but then have a changes of mind, the registrar can reactivate the domain by “reclaiming” the deregistration request with a cancellation request.
If the domain name is deactivated due to an unpaid annual fee, the registrar must renew the domain in the normal manner (renew) to make the domain active again.
When the deactivation period expires, the domain will be transferred to an internal registrar and placed in a 7 day-quarantine. At this stage, the previous registrant cannot reclaim the domain name. The domain will be released when the quarantine period is over.