In ancient vedic texts serpent rising is associated with kundalini rising(opening of the third eye or activation of pineal gland).
If you notice the shape of a standing snake resembles the back bone extended all the way to the pineal gland (center of the brain). According to my reseach (I don't remember the name of the fluid right now) anyhow.. this fluid is secreted at the tail of the spine and then it travels through the spinal cord to the pineal gland hence activating it. And only the person undergoing this experience can know what happens next...
There is a very good and authentic book on this subject: I'll find out more.
Hope this was of some help.