This song seems to be about an unstable mind. The narrator goes through bouts of neurosis as well as bouts of happiness, and the song is him trying to remain attached to the happier, simpler moments.
"There is a swelling storm / and I'm caught up in the middle of it all / and it takes control / of the person that I thought I was / the boy I used to know" He feels the darkness encroaching on his mind.
“But there is a light in the dark and I feel its warmth / in my hands, in my heart, but why can’t I hold on?” he feels the moments of happiness in his life and wonders why he can’t stay this way.
“’Cause it comes and goes in waves / It always does / we watch as our young hearts fade / into the flood” he describes his waxing/waning mindset, and how his happiness is always consumed by the darkness.
“And the freedom of falling / a feeling I thought was set in stone / it slips through my fingers / and I’m trying hard to let go / it comes and goes in waves / and carries us away” He’s coming out of a bout of darkness and is trying to let go of the unhappiness. The ‘it comes and goes in waves’ line is him reassuring himself that the pain he feels will not last forever, but nor will the peace he feels right now.
“Through the wind / down to the place we used to lay when we were kids / memories of a stolen place / caught in the silence / an echo lost in space” he recalls happier times with his friends, of easier times gone by.
“I’ve watched my wild youth disappear in front of my eyes / moments of magic and wonder / it seems so hard to find / is it ever coming back again? / take me back to the feeling when everything was left to find” he describes the moments of spiralling into depression and feeling like happiness is an elusive privilege. He despairingly wonders if he will ever feel the awe and simple happiness of his childhood.