Graham has been playing well in recent weeks and is earning a reputation as one of the best young players in the Championship.
Holloway has been impressed with 20-year-old former Aston Villa prospect’s displays of late and has backed him to get even better.
The former Crystal Palace and Millwall boss, though, has pointed out that Graham needs to learn more about the tactical side of the game.
“This kid has got it all,” Holloway told Sky Sports about Graham. “He’s intelligent on and off the ball. He can beat people and his final ball is excellent.
“Although he has still got a bit to learn about the game, in terms of his team structure and shape, if he keeps his feet on the ground he's going to be a very, very good player.”
Graham has yet to score in the Championship for Wolves this season, but he has created 17 chances in six league appearances.
The youngster has a pass accuracy of 81% and a shot accuracy of 33%, and has won seven headers, 17 dribbles and four tackles.
Wolves are 17th in the Championship table at the moment with 25 points from 22 matches, nine points behind sixth-placed Ipswich Town.