Holloway guided the Eagles back in to the Barclays Premier League through the play-offs last season and has been looking to make additions that will help him fight against an immediate return to the Sky Bet Championship.
Palace have so far made six signings with Stephen Dobbie, Dwight Gayle, Jerome Thomas, Jose Campana, Kevin Phillips and Elliot Grandin all moving to Selhurst Park.
But Holloway is still determined to add more players with the new league season kicking off for Palace at home to Tottenham on August 18.
"The market is absolutely crazy," he said. "You have a certain time to go shopping and you have to go shopping at the same time and everyone sees how much money you have.
"I have had to turn my phone off because it's on meltdown. It's an absolute nightmare but once you sift through it, using my 18 years of experience as a manager, we will get some good signings in. I might need five, six or even seven."
With highly-rated youngster Wilfried Zaha having left to join champions Manchester United and striker Glenn Murray injured, it is a goalscorer who most likely tops Holloway's wish list, with a move for Arsenal's Marouane Chamakh still a possibility.
When asked about a move for the Morocco international Holloway replied: "You will have to speak to my chairman about that one. If it happens then it happens, if it doesn't then it doesn't.
"We still need to make a few more additions. With Wilfried going and Glenn [injured], I've lost a lot of goals. We have set ourselves targets and we need to be able to give ourselves the best chance to compete in the Premier League."