fringes of pearls on crowns, pennant
旈 centers on decorative hanging ornaments, specifically the fringes of pearls attached to crowns, and by extension a pennant or streamer.
旈 combines 方 (direction, square) with 㐬, a component associated with flowing or hanging. The exact historical development is uncertain, but the character likely depicts a flowing banner or ornament.
Imagine a square banner (方) with long flowing fringes (㐬) hanging from it, like the pearl fringes on a crown or a pennant fluttering in the wind.
For リュウ, picture a flowing river (流, りゅう) carrying a pennant downstream: 流 -> リュウ, and the pennant's fringes trail in the water.