Holloman is the youngest child in her family. She has two older brothers. She attended the University of North Carolina where she graduated with a degree in Performance Communication. She appeared in numerous theater productions in Chapel Hill and Raleigh, North Carolina, as well as in Chicago and London. She studied painting and sculpting at UCLA and at The San Francisco Art Institute.
In 1995, Holloman began her film career with her role as Randy Dean in The Incredibly True Adventure of Two Girls in Love. She worked steadily in a variety of mostly independent film roles, such as The Myth of Fingerprints, Boogie Nights and Tumbleweeds.
In 2012, Holloman had two solo shows: Coeur libre and Free Falling. She received favorable reviews for Free Falling, which was held at the Ateneo Veneto in Venice, Italy. Art critic Lea Mattarella reviewed Holloman's works in La Repubblica: "Holloman's paintings take us elsewhere, and at the end of the day, this is what art is all about". In April 2013, Holloman exhibited in a solo show "All The World Inside", at Palazzo Italia, in Berlin, Germany. Holloman's painting, "Swell", was chosen to be part of the group show entitled "Nell' Acqua Capisco" at the Venice Biennale, 2013.
Holloman married architect Paul Macherey on July 13, 2002. They have a daughter, Lola Reiko Macherey, who was born on November 4, 2004. They adopted a second daughter, Nala Belle (meaning 'beautiful gift') on March 25, 2008. In 2011, Holloman filed for divorce, which was finalized on June 18, 2012.