Lyric discussion by quill_and_ink 

I think this song is mostly about unrequited love. That he still longs for someone he has broken up with. His "anguish and hapiness" certainly describes the feeling of unrequitedness.

"Come down, come down with me, to check on the ashes of my history I can't leave them alone, but sometimes I wish they would rot down below But on the contrary, these fires flourish in me."

Once again describes unrequitedness beautifully - wanting more than ever to put the past behind you, but unable to put out the fire so to speak.

and the silver seahorse aspect relates to the dreaming that the relationship was the way it used to be.

I think the song makes sense under the light of unrequited love.

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