In the latest PTR build, we datamined the name of a new in-game cinematic coming in Patch 10.2 that might provide some hints at the Guardians of the Dream story campaign finale and potentially the future of the Night Elves.
Unfortunately, the in-game cinematic is encrypted and only the first 5 of the 7 campaign chapters are currently testable on the PTR including the 10.1.7 Shandris Feathermoon Questline and the first 4 storylines of the Defenders of the Dream achievement. Therefore, we don't have a ton of context for what the title 'New Moon' could mean, but let's speculate anyway...
In chapter 5 of the campaign storyline, we successfully defend the Eye of Ysera against the Djaradin assault leading to an unavailable cutscene, but Ysera has failed to channel the Eye. Ysera suggests that she can't channel the eye not because of her fall but instead Merithra's rise as the new aspect and encourages Merithra to commune with the Eye and deepen her bond with the Dream then regroup at Amirdrassil.
Check out our story recaps below for full information on the questlines available so far on the 10.2 PTR:
Chapter 1Chapter 2Chapter 3Chapter 4Chapter 5
That leaves us with the final two storylines from the Defenders of the Dream achievement, A Dream of Fields and Fire & New Beginnings. The former could likely be the raid quest for Amirdrassil, the Dreams Hope where we'll need to enter the raid and defend the nascent world tree by dispatching Fyrakk and his allies.
The latter could likely be part of the epilogue of the Amirdrassil raid. New Beginnings definitely suggests a new start for all dragonkind potentially blessed by Amirdrassil to provide them new agency as protectors of Azeroth but perhaps not just