The 3.5th edition Draconomicon makes no mention about the sleeping/resting behavior of dragons, other than that they do sleep, page 11 states (when talking about a nesting female dragon, emphasis mine):
A dragon egg’s ovoid shape gives it great resistance to pressure, and the female can walk, fight, or sleep atop the nest without fear of breaking her eggs.
Oddly enough, the 4th edition Draconomicon states (page 11):
A dragon can fly for many minutes at full speed, for hours at a reasonable pace, and for days on end if it relies substantially on gliding and updrafts.
However, the 4th edition does not say anything about the effect of flying 'for days on end'. Therefore, I focus mostly on the 3.5th edition book (as the 4th edition book seems catored to offering dungeons/adventures rather than new information regarding dragons). In conclusion, we can not conclude anything directly from both sourcebooks regarding sleeping in the air or on the ground.
However, both books clearly stress that dragons are basically very bad/clumsy flyers (see the amount of effort it takes a red dragon to get in the air on page 18/19, 3.5th Draconomicon).
Therefore, I would personally expect that a clumsy flying creature requires significant conscious thought to stay airborne, meaning that sleeping on the wing would be something that I rule against.
PS: 16 hours of flying? That's a lot of forced march checks ;)