Hull City, Middlesbrough and Derby County will all be hoping to win the Championship this season.
The Tigers currently top the Championship table, but they are facing big challenges from both Middlesbrough and Derby.
Aitor Karanka’s and Paul Clement’s sides have proven very tough to beat throughout the season so far, but Holloway feels that Hull’s know-how will put them in an advantageous position in the fight for promotion.
"No-one needs to panic and I don't think they will," Holloway said.
"This is the challenge of the Championship. To be consistent and keep on winning is almost impossible. Teams go through blips and Middlesbrough are in the middle of one. If they can keep this blip down to two games rather than four or five, then everything will still be looking rosy.
"I wouldn't be worried about their form - the only worry in my head is the play-off final defeat, where they didn't turn up. Believing you're going to get promotion is much harder if you haven't done it before. It's for that reason why I think Hull are favourites for the title.”
Hull were promoted in 2013, and the set-up at the KC Stadium remains similar.
Steve Bruce is still in charge of the Tigers and some of their key players from last time around also remain at the club.
Hull have risen to the top of the Championship table as they have taken advantage of their rivals' recent failings.
Middlesbrough have lost their last two matches, while Derby have taken just two points from a possible 12, causing them to fall down the standings although there is plenty of football still to be played.