Holloway believes the Owls are in for a home defeat on the opening day of the season, against newly promoted Bristol City.
Wednesday have had a busy summer, replacing manager Stuart Gray with Carlos Carvalhal, and buying a host of players from across Europe.
Their pre-season results have been good, but without them being really tested, and it's tricky to know how that may translate to when the opening day of the season kicks off.
Holloway said: "Wednesday have been taken over recently so we'll have to wait and see how the new manager and signings gel. I thought Stuart Gray did a good job there but owners can do what they like.
"Steve Cotterill has done brilliantly and I think they could be the dark horses of the division. They'll (Bristol City) be going into the new season with that euphoria of being promoted; once you get that ball of good energy, it can carry you through the divisions."
Bristol City are in many ways exactly the type of side Wednesday may have preferred to avoid to open the season against.
While the Owls are still moulding their squad together and have to learn to adjust under their new manager, Bristol City are a settled side full of confidence, ready to spring an upset.
Sheffield Wednesday's new owner Dejphon Chansiri harbours hopes of promotion, and the club can ill afford an opening day defeat which puts pressure on the new boss.