The Eagles were trailing to Ricardo Fuller's first-half strike when Holloway sent on 39-year-old striker Kevin Phillips, his deadline-day signing from former club Blackpool.
And Phillips played his part in a stirring comeback as two goals from Glenn Murray, who now has 25 for the season, secured only a second win in 10 matches for Palace.
"Lots and lots of chairman think that when you're 31, 32, 33, 34, that you're finished," said Palace boss Holloway.
"Some people are just starting. Kevin Phillips is just a masterclass, look how Glenn Murray played in the second half.
"Kev knows what he's doing. That was great for the lads and I felt we deserved it."
Palace's poor run of results had seen them slip from top of the npower Championship down to fifth, and Holloway hopes they can now re-ignite their promotion bid.
"It's all about getting this momentum again," he added. "We need to regain it because we've lost it a bit, and then who knows?
"Reading managed to get it at this time of year last year and it ain't over until it's over. We certainly haven't lost anything, this is the whole point. It feels sometimes like you've lost sometimes, but you've never had it anyway.
"I didn't come here to get us promoted. I came here to promote Premier League standards and Premier League football.
"Now it didn't look like that but by the end of the game it did. So let's keep working, keep going and see what we can do by the end of the whole season."
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