The color of a balloon may be significant and could thus change the context and meaning of the balloon itself. Depending on the context of the dream as a whole a balloon could mean something filled with the spirit (air or breath can both represent the spirit) in a positive sense or something full of hot air in a negative context. Also keep in mind that both hot air and helium can cause a balloon to rise and as a result either the positive or negative trait could be "on the rise".
* Symbol meanings provided by www.mydreamstories.com should not be used as a dream dictionary. They are for reference only and both dreamer and interpreter should be careful to listen to the voice of Holy Spirit as to what any particular symbol means in any specific dream