Anytime I see Secret of Evermore, you have my attention. Great source selection!
On the production side of things, there isn't a lot of mud, which is really nice. Utilizing some more reverb and panning will help this mix tremendously. The synth arp that comes in at 1:03, in particular, would be nice if you either panned some of the notes or added slight delay effect with a pan.
Arrangement wise... You have interesting ideas, but everything plods along too much and suffers from a lack of dynamic range. 1:50-3:18 doesn't fit with the rest of the arrangement for a track being billed as synthwave. Try introducing different synth instrumentation into that section, or consider scrapping everything altogether and reworking it into something new. That's your creative call.
Check out Jorito's recently posted track or sift through some of Sir_NutS' catalog for good synthwave inspiration from within this community. You have a decent base thus far. Look forward to your future update!