Martin was in brilliant form at the weekend, and he scored twice as Derby beat Wolves 4-2, to move into the play-off places in the Championship table.
The Scottish forward slammed in a long-range effort and scored a header, and even a missed penalty did not detract from the quality of his performance, according to Holloway.
"I think he's the kingpin for everything they do," the former Blackpool manager said. "You have to get from back to front and they do it with such ease and such quality. You need a big target, who gets hold of it and you can support and join in from there. He was brilliant today."
Martin was Derby's top goalscorer last season, after he netted 21 times, but his position came under threat this summer.
The additions of Darren Bent and Andreas Weimann in the summer transfer window, meant that he was put under pressure to perform, but he has responded by raising his performance levels.
Martin now has seven goals in his first 11 games, and he has been crucial to the Rams during their current good run of form.
Paul Clement's side have won five of their last six matches, and they are now just one point away from the automatic promotion spaces.