It is a picture of the moon with a line in the middle, apparently signifying the first quarter and the third quarter phases of the moon, perhaps to symbolize all the phases of the moon. Be that as it may, it matches with N9 from Gardiner's Sign List of hieroglyphs for the moon:
The only difference, of course, is that the line across the middle is horizontal, rather than vertical, because the orientation of the symbol has shifted, much like the Semitic/Greek Aleph/Alpha has been cranked around in various orientations. That is simply not a material difference. The Egyptian vocalization for this is "psd" (meaning to shine), such as in the Egyptian word for "Ennead" which is "psdt." It means the number nine, deriving from psd.
Going back to the Semitic vocalization of Olea. The L in that vocalization is a shift from the R in the regular Semitic Oreach or Yareach, it is clear that this is the same type of shift from an R to an L in the word Kolob, when the word Kolob clearly derives from the Semitic root KRB ("to be near"), because Abraham 3:3 says "the name of the great one is Kolob, because it is near unto me . . ." This may be the same type of shift as well in the place name Chalsidonhiash (Land of the Chaldees) in the Egyptian Alphabet and Grammar, which we know today as Karduniash.