Unproductive training status but V02 max increasing

Unfortunately the exact algorithm is not known, so we can just speculate. According to the following video, the Training Status is determined primarily by two main factors - fitness changes and training load changes. So your training load is probably not in the right correlation with the VO₂max. Perhaps the TL increased too much in comparison to the VO₂max change. Typically, you should reach the  Peaking status, when your VO₂max continues to grow, despite that you reduce the TL.

The watch is monitoring both VO2 Max (running and cycling) but is giving priority to the running VO2 Max to be your VO2 Max overall. Cycling is second priority and will be your main VO2 Max only if other second priority "running or walking" VO2 Max do not show.

"The type of activity you complete can determine if you will receive an updated VO2 max estimate. Your overall VO2 max estimate is taken based on the following four activity types, listed in order of preference based on their accuracy. The most accurate VO2 max estimate will display in Garmin Connect and will overwrite less accurate methods for 30 days. Not all Garmin products support all methods of VO2 max estimation.

NOTE: If you complete a qualifying cycling activity with a power meter, a separate Cycling VO2 max will populate. The Cycling VO2 max will update each time you meet the Cycling VO2 max estimate criteria.

Running Activity With GPS

This activity type yields the most accurate overall VO2 max estimate and will be given priority over all other activity types.

• Example: You record a Run activity with GPS, which generates a VO2 max estimate. This VO2 max estimate will display in Garmin Connect account and will only update over the next 30 days if you record additional Run activities with GPS. Other activity types below in this list will only update the overall VO2 max estimate when the most recent Run activity with GPS is older than 30 days.

Walking Activity With GPS

• Example: You record a Walk activity with GPS, which generates a VO2 max estimate. The next day, you record a Run activity with GPS, which generates a VO2 max estimate. The overall VO2 max estimate in Garmin Connect will be updated regardless of the age of the Walk activity because Running activity with GPS is #1 in this list.

Walking Activity Without GPS

This applies to walking done during daily routine without recording an activity.

Running Activity Without GPS

Using Foot Cadence as a Speed Estimate."

support.garmin.com/.../

If you stop getting a running VO2 Max for 30 days, the cycling VO2 Max will become your VO2 Max overall, untill you start getting a running VO2 Max again.

I am not sure why the running VO2 Max is higher priority, but Garmin says it is more accurate. I noticed that recently the running VO2 Max is more immune to sudden changes, like your cycling VO2 Max is showing over a month period.

I also noticed that the running VO2 Max is less sensitive to changes in the HR Max value. I recently took my HR Max down to better reflect how high I can actually go and the VO2 Max for cycling dropped by a couple of points, getting now closer to the running VO2 max and closer to the estimates from other tools. After it went down, I noticed that the Cycling VO2 Max is now less sensitive to the change of bike/power meter between each ride (road, MTB, indoor).

I think that is the V02 max on the watch.  I think the training status is definitely based on my cycling actives as now it has shifted to peaking.

The training status is not activity specific, but it definetely included your cycling activites. It is also based on the VO2 Max trend, and as described above, the VO2 Max trend will be by default the running VO2 Max trend until the running VO2 Max becomes obsolete, if ever.

You can also notice that the small logo of the training status is a running man. If the VO2 Max switches to biking, you will see a biking man in the training status, left of the VO2 Max gauge.

Another factor that plays role in the Training Status, is the HRV. If HRV is dropping, it may have negative influence on the TS, despite a growing VO₂max. So it may be interesting to see the HRV status graph for that period, too.