And he stretched himself upon the child three times, and cried unto the LORD, and said, O LORD my God, I pray thee, let this child’s soul come into him again. And the LORD heard the voice of Elijah; and the soul of the child came into him again, and he revived.
(1 Kings 17-21-22) KJV
The connection between the soul and the blood, as the life of the individual, is strong but there’s more to it than that. The soul isn’t simply the result of the spirit dissolving in the blood.
The soul is itself quite distinct and separate. Your soul is you, it’s a discreet entity in its own right and merely exists in the body as a way to interact with our environment. We know this because of several passages that refer to the soul entering or leaving a body.
Above we can see that when the boy stopped breathing (the loss of the spirit) his body died. Then his soul left his body. We know that when a person dies their blood doesn’t suddenly disappear or evaporate, it coagulates, so even though we have a good case to make that the soul inhabits the blood, the soul is distinct from it, and it has another nature.
Matty's Paradigm 