Lyric discussion by purpletoad 

Lots of imagery for a song with limited lyrics - water being a primary reference. Moon Child is an astrological sign and is a water sign. The crescent moon is represented as a lady in the sense of a Florence Nightingale. When he sings of the child of the moon, he is singing of himself and of the prospect of joy and relief from gloom (probably unrequited love) as represented by the coming of the sun.

I'd like to comment further about the possible allusion to drugs in the song. From that perspective, the prospect of joy I refer to above could suggest a drug trip gone splendidly (a wide-awake pleasure). As if to say "don't knock me out but don't throw me to the sun either". In this interpretation, the moon ("she") can be seen as the drug itself.

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