The correct explanation involves the Coanda effect. When the air stream flows past the ball, some of the air follows the contour of the ball and only leaves after it moves a significant distance along the surface of the ball, as illustrated in the drawing below. In effect, the ball is "pulling" the air around its surface. There must always be some reaction force on the ball, which points in the direction of the air stream and upward, holding the ball in the air.