Once in solution, the fertilizer is essentially fine indefinitely, as long as it's not contaminated or you allow the water to evaporate.
Dyes are added to the formula so it is apparent that you're dealing with a solution, not plain water. Those dyes are pH sensitive, so as the top surface of the fertilizer absorbs moisture from the air, it changes color. It does nothing chemically to affect the fertilizer, but it does affect you if you meter the powder by weight, rather than volume.
For the average person using "x teaspoons per gallon", it's meaningless.
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