How could I negate both gravity and it's velocity?

Try adding an impulse force along the world’s up vector. Your character should “hang” in midair a bit as the upward impulse force dissipates and is overtaken by the downward force of gravity.

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Additionally, if you want the character to stay suspended as long as a certain key is pressed, you could apply a constant upward force after the impulse force in the same direction while the key is down.