Mick McCarthy's Tractor Boys were able to hold off Palace in the early stages of the contest by pushing their defenders up the pitch and preventing Holloway's team from finding a rhythm.
Despite a composed start, Palace showed their first signs of intent through Owen Garvan, who struck the ball towards the net but it just went wide to the left of the posts.
The breakthrough came courtesy of a shot from inside the box by Bolasie, which blasted into the top-right corner of the goal.
Palace swiftly doubled their lead in the second half following a burst into the box by youngster Wilfried Zaha, who is believed to be hotly pursued by a number of Premier League clubs, but the winger was brought down by Luke Chambers. The referee awarded a penalty, which Glenn Murray converted.
Murray tripled the home side's lead five minutes later courtesy of another penalty following a foul on Murray by Cresswell, which left Ipswich with a mountain to climb.
Murray secured a hat-trick on Holloway's debut match in charge by finding the back of the net in the 62nd minute from inside the six-yard box following a pass from Joel Ward.
In the dying minutes, Palace managed to round of their successful night with a goal from Andre Moritz, which launched them to the top of the Championship table, while McCarthy's men continue to sit in the relegation zone.