Fluid and solid dynamics inside and outside a stable elongated gas bubble in operating conditions corresponding to those of the channeling regime in a fluidized bed are described. It considers the prolate ellipsoid of revolution as a model of the bubble. The results of the analytical model show a significant increase of the fluid velocity inside the bubble with the growth of its relative height. The maximum values of the fluid velocities exist along the vertical axis of the bubble. For the limiting case of a spherical bubble, the fluid and gas performance, such as the existence of a surface of penetration outside the bubble boundaries and circulation zone inside the bubble, are in good agreement with the existing theory.