I think it is. Handmade things are generally very well regarded and highly priced as well. You could do business only, on platforms like Etsy, as well as offline, in your local town. Good advertisement is key here.
Is it at all possible? Of course! If you need proof:
1) go to craftcount.com (it is a list/rating of Etsy shops)
2) select shops that sell craft items similar to yours
3) note their total sales
4) visit at the same time tomorrow to check the difference and calculate how many items (not orders) they sell daily
5) visit their Etsy shop and figure out an average cost of an item
Now you know how much they make!
The thing is, it might take quite some time for a new shop to get to any decent level of sales, but it is a whole ‘nother story.
I think it is definitely possible, but you have to invest a bit into marketing your store around the Internet to get good exposure. It is the same for almost any shop that you are trying to build online, be it crafts or otherwise.