Explain hydrodynamic Levitation

When the water hits the ball, the balls start to rotate due to the friction between the water and the ball. It is just like a turbine. Once the ball starts rotating, the fluid following the surface doesn’t adhere to the surface much longer and drift apart tangentially. Now the water follows the curve which is the Coanda effect. The question still rises, how does it come back in the stream? This is where the Magnus effect rises. Due to the rotation, the water is applying force back on the ball. Due to the rotation of the ball, it drags fluid faster around one side, creating a difference in pressure that moves it in the direction of the lower pressure side. And that's what maintains the horizontal equilibrium. And if there is any movement horizontally, it comes back to its equilibrium position, again due to pressure difference. It can’t be Bernoulli’s effect because water adheres to the ball due to viscous effects and surface tension, where Bernoulli cannot be used because it assumes viscous forces are negligent. So the Horizontal Equilibrium is maintained by the Coanda and Magnus effect. And vertical equilibrium is maintained by the jet where the force from jet balances the weight of the ball.

Correct me if I am wrong.

I would recommend this video by veritasium! Hydrodynamic levitation is as loose ended as it sounds, its just levitation, hydrodynamically. Since the Magnus effect is also just a cause of the Bernoulli's Principle, we can surely and sufficiently say that so is hydrodynamic levitation. As far as case wise specification is concerned, your question has been previously answered here- Any solutions to Veritasium's hydrodynamic levitation?

I also found these two practical and hypothetical models to be commendable-

1. Distance control between probe and sample using hydrodynamic levitation
2. Hemocompatibility of a hydrodynamic levitation centrifugal blood pump

I Hope I was able to help.