Hanging on a hope but I'm alright

[nekocat]

I'm wide awake at four a.m.
Without a friend in sight
Hanging on a hope but I'm alright.

I have no idea how to interpret the last line: What's the relationship between "a hope" and "but I'm alright"?
Which of the following understanding is more appropriate?

(1) a hope = to eventually find a Mr. Right. In other words, "a hope" and "but I'm alright" are appositive to each other.
(2) "but" connects "Hanging on a hope" and "I'm alright."​

 

[Geostigma]

"Hanging on a hope" means that all the speaker has is hope and he is relying on that hope, whatever it may be. But, in spite of only having a hope, he is still alright.

 

[nekocat]

Your answer is (2), then. Thanks!

 

[Sarapva]

I agree with that meaning. But I remember learning in school that "alright" isn't really a word - it should be "all right", two words. I just looked in the dictionary, and it listed "alright" as "nonstandard 'all right'".