volant

1. Flying or capable of flying.
2. Moving quickly or nimbly; agile.
3. Heraldry. Depicted with the wings extended as in flying.

[Latin volāns, volant-, present participle of volāre, to fly. Sense 3, from French, from Old French, present participle of voler, to fly, from Latin volāre.]

The adjective has one meaning:

Meaning #1: (heraldry) with wings extended in a flying position