The former Brighton striker has 28 goals to his name this season but has not found the net in his last three outings.
Murray missed a penalty against Hull on Tuesday night before stepping aside to allow Kevin Phillips to score from the spot.
Phillips went on to get a hat-trick in Palace's 4-2 win while Holloway also has Aaron Wilbraham and Stephen Dobbie waiting in the wings, so he could take Murray out of the firing line against Leeds on Saturday.
"It's all about the balance of the squad," he said.
"Wilbraham is probably playing better than I have ever seen him play and I might have to consider Muzz is looking a little bit tired.
"What a great few options I've got. It's about keeping the energy going."
Holloway added to the South London Press: "Glenn is a natural goalscorer but there is physical and mental tiredness - you don't feel the mental side when you are scoring. But I saw his body language after he missed that penalty (against Hull on Tuesday)."