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Man United rocked by Blackpool
But Holloway felt aggrieved at a controversial penalty decision when his side were leading 2-0. Rafael clumsily barged into Luke Varney in the box and knocked the Blackpool player to the ground, but the referee adjudged the player to have fallen too easily.
"I have to say if that's not a penalty...deary deary me, he made no attempt to play the ball," he told ESPN.
"He has caught Varney who I thought was really positive, I have seen it, I think it is a stonewaller, but maybe I am just biased.
"At 3-0 the score tells you that would have been a draw but who knows happened if we had got that. The players are obviously really down in there but I am telling you, we ain't half come along way and I am delighted for them.
"We don't blame the referee for the decision it was huge, but their runs were onside and we tried to play them offside and they scored good goals."
But despite the result, Holloway remained was thoroughly satisfied with the performance put in by his charges.
"I am sure when I look back at that match and reflect, I will be looking at some brilliant play from my boys and how we matched them," the Seasiders boss continued.
"I actually won a first half [against Sir Alex Ferguson] and he is the main man, I am really disappointed for my lads as they were magnificent, I would have paid to watch them myself.
"We looked miles away from Chelsea and Arsenal when we played them but look at Man United they have not been beaten yet and we now played someone who should be much better than us, I don't think we were that far away from them so great credit to my boys."
Holloway felt that despite the great first-half, his team seem to fade away in the second period and believes the dramatic turnaround in the last 20 minutes was down to the superior fitness of the Red Devils.
"The tempo of their play and the way they kept closing and working, I think we need to up our training and everything up to that level because our lads were out on their feet," added the Blackpool boss.
"I think they rotate players they have a bigger squad than me and have wonderful players who on any given night might have to come off the bench.
"Unfortunately if you look now, how tired we look compared to them, we are not quite there yet and that is physically and mentally."