From SuspireWiki

The Chrysalis is the mentally, physically, and psiritually indeterminate state in which a Dragon can transform herself through a new mastery of a Coil of the Dragon. Also, the moment of change itself.

Attempting a Chrysalis without proper instruction is terribly dangerous, and can lead to being Lost to the Dragon.

Changing the body and soul are important steps towards the Chrysalis, as are the instruction of the Kindred's mentor and meditation. Once a Dragon achieves the "soul of clay" - a state of corporeal malleability - they are sufficiently prepared to enter the Chrysalis.

The Chrysalis is alleged to feel dark, warm, and comforting. Once a kindred has achieved the Chrysalis, they must work quickly to change their soul and return to their body, lest they find themselves corrupted by their dark side.