Not any more sadly. Since more people from overseas go to the festival now, prices are insane in the forum/poblenou/Glories areas. You could try watching out for when the hotel Best Price Diagonal puts their rooms on sale and you might get the 3 main festival days for €99 per day with the Weds and Sunday a bit cheaper.
I've given up on staying nearby and I stayed near the Sala Apolo this year which worked well for Weds, Sun plus the days I wanted to check out the afternoon bands at the CCCB. Staying near Plaza Cataluña is another good option because the festival shuttle bus is good and I didn't have to queue for long at all this year.
You could keep looking at Hotwire and take a chance if you see a hotel in poblenou for a good price.