The Eagles boss was unhappy with his side's first-half display as they were held to a 2-2 draw by his old club Blackpool at Selhurst Park on Saturday.
Palace are now three points behind leaders Cardiff after they were pegged back by a late goal from Nouha Dicko.
But it was the opening 45 minutes which left Holloway scratching his head.
"It's really disappointing because we looked a shadow of how we've played recently," said Holloway.
"We almost wasted the first 45 minutes. The second half was much more like us."