The 2014 Olympic bronze medallist suffered from bleeding in the brain after a crash before this week's World Cup competition in Innichen in northern Italy.
The two-time World Cup winner was unconscious when paramedics air-lifted her by helicopter to a hospital in Bolzano where she underwent surgery.
“It is not possible to speak about the future developments as the situation is still unstable,” the Swedish Ski Federation said in a statement on Monday.
The federation's ski cross director Joar Batelson told AFP on Tuesday that the 29-year-old was still in a worrying condition.
But he said that although Holmlund is still unconscious, her condition has become more stable overnight since the accident.
“She is sedated so her body can rest,” Batelson told AFP.
Holmlund is placed second in the overall World Cup standings behind Canada's Marielle Thompson.
Ski cross, which made its Olympic debut at Vancouver in 2010, consists of lining up four skiers at the same time on a course made of large bumps and narrow turns.