The first beast (v. 4) corresponds to the head of gold of the great human image in 2:36-38, signifying Babylon with its founder and king Nebuchadnezzar.
The first beast was like a lion—the king of the beasts, the most fierce and cruel.
The first beast also had the wings of an eagle. The eagle is the king of the fowls. The beast's eagle wings signify that it was in the air, which belongs to Satan, the ruler of the air, and that its move was swift.
Daniel tells us that he watched until the wings of this beast were plucked. This plucking of its wings signifies that its moving power was taken away and that it became like a beast in the field, as mentioned in 4:23-25a. When God touched Nebuchadnezzar, he became like a beast in the field.
"It was lifted up from the earth and made to stand on two feet like a man; and a man's heart was given to it" (7:4b). This means that it became like a man standing on the earth with a man's heart, as indicated in 4:25b, 32b.
The second beast (7:5) corresponds to the breast and arms of silver of the great human image in 2:32, 39a, signifying Medo-Persia.