If the island falls, everyone on it will meet their demise.
The title of One Piece chapter 1047 is tentatively translated as 'Skyline Citadel'.
The chapter opens with the scenery of the sky around Onigamshima. From a distance, smoke from the flames and clashes on the island continues to rise into the thick air, rocks are still falling continuously. At this moment, Momonosuke is flying outside the island, trying to find a way to prevent it from falling.
Yamato shouts, 'Create a nimbus! You can do it, Momo!' However, Momonosuke still appears helpless, recalling the time just before he and the divine family group shifted to the future.

20 years ago, before the flames could engulf the castle, Toki requested Momonosuke and the divine family to move to the future to seek opportunities to rebuild the Kozuki family. However, Momonosuke is still shocked by what happened and wants Toki and his younger sister to go with him.
Kinemon felt a deep anguish. He exclaimed, 'A lady displayed clear determination while a man still hesitated! My lord, it's a shame as if being humiliated in front of the public!'
Finally, Kinemon persuaded Momonosuke to agree to leave with him. Momonosuke's last memory of his mother was her silently weeping. This strengthened his determination, and he rushed towards the island to find any way to stop it from advancing towards the Flower Capital.

Returning to the skies above Onigashima's rooftop, the intense battle between Kaido and Luffy continued. With his new ability, Luffy could control lightning bolts from the sky and used them to throw at Kaido. However, Kaido dodged and countered with powerful blows that crushed Luffy.
Kaido: So you can control lightning, how absurd! Worororo...
Luffy: Gomu gomu no Thunder.
Kaido acknowledged Luffy's abilities as impressive but not enough to dominate this world. Kaido cited Roger, a person who, despite lacking any devil fruit powers, achieved greatness. He concluded that only Haki could surpass everything.
After dodging Luffy's lightning attacks, Kaido retaliated with new techniques. First, he soared into the sky, spun around, and swung his club straight down at Luffy. Quickly using his abilities, Luffy transformed the ground into rubber and used it to reduce the impact. The ground then bounced up, propelling Luffy into the air.
At this point, Kaido was already in the sky, adding a new move called 'Great Admiral's Thunderous Eight Strikes.' The strike was so powerful that it made Luffy bleed despite being in Gear 5, sending him straight into the clouds above.

While being thrown into the sky, Luffy's hand managed to reach out and grasp Kaido. He tried to use a weapon to cut off Luffy's hand.
Kaido: Let go, you're just revealing your position. Do your weak points still exist against my slashing attacks?
After attempting to use the club to knock Luffy's hand away but failing, Kaido transformed into his dragon form and shot a barrage of wind blades into Luffy's location hidden among the clouds in the sky. Despite trying to dodge most of them, a few blades grazed Luffy's leg, causing him to bleed.

The scene shifts to the Flower Capital, where the festival is nearing its end. Toko and the people of the capital are releasing paper boats into the sky (similar to lanterns) with the hope that they will reach those who have passed away. The sounds of the festival echo beyond the borders of Wano, and in the distance, Onigashima is still slowly advancing towards the capital amidst the dark clouds.

The ongoing battle between Luffy and Kaido unfolds in the sky. Luffy, concealed within the clouds, attempts to capture Kaido but takes a direct hit from Bolo Breath, leaving him charred and blackened.

Kaido: Release your grip and come down here now, you brat!
The scene transitions to the interior of Onigashima Castle. Everything lies in ruins after a devastating fire. Kaido's strength has waned to the point where even the Samurai can sense the island plummeting.
Hyogoro: Young men, make a choice! Either Straw Hat wins, and we perish in the fall, or we live, signifying victory for Kaido!!
The united group of Samurai resoundingly declares: Asking such a question is harder than fighting! If we win, our families will have a happy future!
They gather together, raising their swords in support of Luffy's victory, while the remnants of the Beast Pirates appear visibly distressed.

Switching scenes to Usopp, he's attempting to flee when a surge of water unexpectedly rushes in, sweeping him away.
Transitioning to Hyori's location. The flames have engulfed Orochi's entire body, yet he remains alive. It appears that a portion of his flesh has peeled away, causing a sea-stone spike to fall. Orochi transforms into his Eight-Headed Great Serpent form, but now with only a single head. Perhaps aware of his impending demise, he approaches Hyori, intending for her to join him in burial.

Orochi: I wish you could see this, Oden! I'll take your daughter with me!
Shifting the scene to the sky outside Onigashima Island. While still powerless against the island, Momo suddenly hears Luffy calling him.
Luffy: I'll bring an end to all of this, but Onigashima needs to change its course now! Momo, trust me!
At this moment, Luffy is hovering above Kaido's head, wielding a fist the size of Onigashima, shrouded in black, with lightning bolts shooting out all around.

The story concludes with Kaido's gaze, intensely serious. It seems Luffy is about to punch through the entire island if Momo doesn't relocate it.
Next week, the manga will be on break in Japan, but with luck, we might get spoilers for 1048 a week earlier.
Source: The Sleep and Eat One Piece Society