I think the first part "Sólo" it means only, becouse you put an accent so that give the word and enfasis (and a different meaning) so the first part could be "only i am". And the second part "y me siento muy solo" could by "and i feel so alone". So in my ponit of view the word could be: Only I am, So I feel very alone

El primer "sólo" es un advervio (sólamente, únicamente) "only". El segundo "solo" es el adjetivo "alone". Estoy aprendiendo inglés y no se muy bien como traducir la primera parte pero sería algo así: "There's only me, and I feel very alone"

The first one "solo estoy yo" is more I'm alone, the second is correct and now I have a question for you! Do you feel alone?

It means: "I'm alone, and I feel so lonely". Well you have the idea, just a small change.