I wasn’t able to find a lot of information on the symbology of the grey wolf by itself, but there is a plethora of information available on alchemy out there on the internet.
The wolf devouring the sun represent purification of gold by antimony.
“In Prelude to Chemistry: An Outline of Alchemy“, The alchemical wolf in general represents a corrosive or “biting” agent, sometimes an acid …. the grey wolf is clearly antimony which was known to the alchemists as lupus metallorum,or “wolf of the metals,” because it “devoured,” or united with, all the known metals except gold.
The metal antimony symbolizes the animal nature or wild spirit of man and nature.