Instantaneous velocity can indeed be greater than average velocity over a time interval. For example, if a driver travels 50 miles in an hour, their average speed is 50 miles per hour, but they could reach speeds of 100 miles per hour at certain points during the trip. Conversely, instantaneous velocity can also be less than average velocity if the object slows down significantly at some moments. The discussion emphasizes that variations in speed are possible within the constraints of average velocity calculations. Understanding these concepts can be enhanced by graphing position versus time.