Well the verbs most frequently used are variations of "Flight"
Rise, float, land, lift and others are actions that take place during the flight process
"A hot air balloon
flight"
"Some experienced pilots are able to take a
flight in one direction,
rise to a different altitude to catch wind in a returning direction. "
"This is sometimes called a box effect, usually when
flying in valleys with drainage winds."
How to
Fly a Balloon
RE:
http://en.wikipedia.org/wiki/Hot_air...ght_techniques
This is similar to the terminology used in Rocket ship flight - you have take off, lift, land, boost, but in essence, it is describing the action of flying.