Very nice. I could hear the Hollow Knight even before reading the description! The arp and chord change at the beginning reminds me a lot of the track Resting Grounds. As for the rest, I like the arpeggio should take a step back as the main sound.
Also I think the chords which start at 1:25 or so feel like they lack direction.
Instrumentation is very nice throughout, but I guess that a given for chiptune haha