It means to continue believing that something good might happen, even when it seems unlikely.
nadati se, vjerovati, ne gubiti nadu
<span class="sentence" aria-label="families still held out hope that they would be found alive.”>
<span class="sentence" aria-label="The scientist held out hope that one day, she would discover a cure for the disease.”>
<span class="sentence" aria-label="After months of job applications, Sam held out hope that he would finally get an interview.”>
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