Lyrics

It's about Ecila. Hachi has made this evident enough that you don't even need lyrics to know this.

First of all, the lighthouse in the first verse. (Though if she's really alone, does that mean she's the lighthouse keeper?) Persona Alice itself plays backwards around the middle. To be specific, the original "Hello! Hello! I've been waiting!" part, the "bell on a balloon" part, and the "backwards" lines mixed together. Also, she appears to be at the bottom of the sea (which the title implies too, of course). And while it was happening to Alice before, "shape" and "colors" being "distorted" is certainly familiar.

On a less obvious level, Ecila may very well be Langge, the surviving twin of Dear Rangge. The jacket seems to portray Alice with Rangge-style machine-wings, after all. In the pre-chorus verse, there's a heartbeat sound, and the heart was a pretty important deal in Rangge. Since she was with Rangge for her whole life, it would make a good deal of sense that she'd want to be with Alice, as they apparently look quite similar minus the machine-wings.

Also, two lines were changed in the new Persona Alice. (Yes, I think Hachi pulled a retcon.) While nobody seems to have the lines transcribed, here's what I think it is: "Hello! Hello! Don't you remember?" Does Langge think Alice is Rangge...?