I always begin with the positives, so, first, wonderful work! So adorable! I love how you did the sky and her cute little face!!! And nice touch with the blinking of the *'s. And good job in not forgetting the greenery on the side of the tower(which I'm assume are what the decorative flowers represent). I also like her pose, having her knees up like that with one hand down is definitely a position she would take when watching the lanterns, I also like how her hand is gesturing for us to watch the lanterns with her~
Now, the negatives will be longer because I like to explain as well as I can why I consider something a 'negative' so you will not think I'm just being mean! (I would never want that!)
Now, I wish you would of drawn some of the paintings she drew on her wall, instead of just blacking them out, but I get it would of probably been kind of hard and taken a while longer. I agree with *Haku-silk that the lanterns are going too fast, I think they need to be slowed down by at least half. I also wish you would of made them different colors. Her hair(even though it is really dark) should still be a bright blonde(even though it's not currently glowing). And I wish you would of put the detailing of the dress like seen in the movie (even though with her knees up some of it would be covered). Ok, so even though I listed some of the points above as negatives, some of them help make this Rapunzel your own version vs. the one in the movie- which gives you more creativity.
Well, I'm finished with my opinion now, I hope you think it is fair~