The visiting Eagles fell from their perch on top of the Championship with defeat as goals from Luciano Becchio and Paul Green rendered Peter Ramage's late header mere consolation.
Holloway said: "You have to give Leeds credit. They looked like the Leeds of old in the first 20 minutes by coming at us. We came through that period but didn't get the breaks.
"I thought we deserved at least a point and we did our supporters proud.
"Leeds got on the end of two things inside our box and scored two goals but there was a real scramble at the end and how the referee awarded Leeds a free-kick to relieve the pressure I don't know. The crowd got them that free-kick."