The ram which thou sawest having two horns are the kings of Media and Persia.

Scofield Reference Notes

Margin ram

vs. Dan 8:3,4.

The "higher" horn which "came up last" is Cyrus, the other "Darius the Mede."

Matthew Henry's Concise Commentary

8:15-27 The eternal Son of God stood before the prophet in the appearance of a man, and directed the angel Gabriel to explain the vision. Daniel's fainting and astonishment at the prospect of evils he saw coming on his people and the church, confirm the opinion that long-continued calamities were foretold. The vision being ended, a charge was given to Daniel to keep it private for the present. He kept it to himself, and went on to do the duty of his place. As long as we live in this world we must have something to do in it; and even those whom God has most honoured, must not think themselves above their business. Nor must the pleasure of communion with God take us from the duties of our callings, but we must in them abide with God. All who are intrusted with public business must discharge their trust uprightly; and, amidst all doubts and discouragements, they may, if true believers, look forward to a happy issue. Thus should we endeavour to compose our minds for attending to the duties to which each is appointed, in the church and in the world.