Naming new species

How do you name new species? From other languages? Random letters? Here's my dilemma.
I have a species of elves who I need to name. They are brom with grey skin, hair, and eyes. When they're 6, a manifesting ceremony is held. The elders of the tribe activate the person's magic. Whatever it is shows in their hair and eyes. For example: a person with fire power will have red hair and eyes. The more power you have, the brighter the color is. This influences where you're placed in society.
I can provide more info. Thanks for your help!!!!!

What I always do is look up words that describe the species, translate it to other language (usually latin for me) and then go from there. maybe change some of the letters

I had a great suggestion but Moony took it XD I do the same. I like having the words relate to the meaning somehow, it's like an easter egg for my readers to find

Here are some generators for species names:
https://www.fantasynamegenerators.com/animal-species-names.php
https://www.fantasynamegenerators.com/fantasy-animal-names.php
https://www.fantasynamegenerators.com/creature-names.php
https://www.fantasynamegenerators.com/fantasy-race-names.php
https://www.fantasynamegenerators.com/legendary-creature-names.php
https://www.fantasynamegenerators.com/sea-creature-names.php
Here are generators for languages:
https://www.fantasynamegenerators.com/language-names.php
hope these help!