Numerical simulations using the Gidaspow and Syamlal-O'Brien drag models have been performed based on the National Energy Technology Laboratory small scale challenge problem for three test cases. Validation tools including statistical moments, spectral analysis, and the autocorrelation function are used to analyze the pressure drop fluctuations. The analyses using these tools reveal a regime change from bubbling/slugging to turbulent flow with increasing superficial gas velocity. 1D discrete wavelet analysis is utilized in the study of the distribution of energy between the macro-, meso-, and microscales and also in the characterization of turbulence quantified in terms of the flatness factor. 1D fast Fourier transform energy spectra are constructed from the predicted and measured particle velocity data and compared. Predicted and measured granular temperatures are found to be in reasonable agreement with literature values.