This one was pretty fun. On first attempt, there are many places where you have to wait on the cooldown for Ascend, but by managing your height precisely, you can grab most of the coins without the ability.
The rng in the updraft to grab the ring after the second coin is a little disappointing. You're able to boost into the ring without it, but are too low for the next one and Ascend is on cooldown until after you pass it, so it just barely doesn't work out.
I was able to get 2:25 without the updraft, but there may be a better strategy after the second coin that would improve the time.