The color count is a bit too high and the semi-transparent elements of the UI aren't helping. I particularly think it's ok given the size of the piece and the said elements but I think most people will find it unreasonably high.
I'd say it's a good idea to think about "recycling" colors and setting a low color-count palette for future pieces.
That being said, I think this looks pretty cool overall. Have you been pixelling for long?
To be fair, when I made it I had no intent to use a limited palette in anyway. I just wanted to make something fun, not necessarily invoke a feeling of retro limited palette fighters.
So I actually made this in 2011, ha.
And I've been pixeling since uhhh ... 2000? But I started off in kisekae dolls. I did that for a little while and then I've been almost exclusively in the pixel dolls community since then. I did some strict pixel art pieces (usually props) here and there and quite enjoyed it. This was one of the bigger pieces I did, although not the first.