How does air resistance affect the velocity of a falling object?

Velocity the speed of something in a given direction.

Air resistance is like friction in air, it slows objects down.

When an object is moving faster, which would mean higher velocity, there is more air resistance trying to slow it down and keeping it from moving.

So in short, the more velocity there is, the greater the air resistance. And no matter what the velocity is, air resistance slows falling objects down.