blaze
熛 centers on a strong, leaping fire: a blaze. It describes a vigorous, spreading flame rather than a small or controlled fire.
熛 combines 火 (fire) with 票, which likely contributes the sound ヒョウ and may suggest a leaping or flaring quality. The exact historical development is uncertain.
The left side is fire 火, and the right side 票 looks like a ticket or a signal flag. Imagine a ticket bursting into a sudden, leaping blaze—the fire spreads quickly like a signal flare.
For ヒョウ, picture a hyō (雹, hail) storm suddenly turning into a blaze—the hail melts and the fire leaps up: hyō -> ヒョウ.