I think this song is about suicide.
"I'm all alone tonight
Waitin' for the sun to shine"
He's waiting for something good to happen in his life
"I'm breaking away
Looking to the other way
Where life could be much better"
He's contemplating suicide in this part, in which "where life could be much better" means that the persona believes that if he dies he would go to a world in which he would lead a better life
"Will I ever let you bring me down
Now itsover, I'm finally moving on
I won't let you, let you bring me down"
He thinks that life is out to bring him down so he just decides to kill himself (I'm finally moving on) before that happens. "It's over" means that he has given up even before life would have a chance to bring him down.
"I've finally seen the light
Thought that I was larger than life
But it's all just wishful thingking
I; m taking flight on the brighter side
Cause life just don't come easy"
Not sure what to say about this part. For the first three lines, he wishes that those lessons he learned in life would actually make life better and easier for him, but it is apparently not the case. He also hates the fact that life doesn't come easy, which causes him to decide to end his life.
BOTTOM LINE: The persona wants to commit suicide due to thinking that he cannot take whatever life would inflict on him. He also believes that if he does so, he would end up in another world in which things are much better and easier. He would also prefer to do it with dignity ("I won't let you bring me down")
Just my 2 cents.