Holmlund hit her head in a crash after losing her balance during a jump at training in Bolzano ahead of today's FIS World Cup competition in Innichen in northern Italy.
The 29-year-old underwent surgery for minor bleeding in the brain and a broken cheekbone at the hospital in Bolzano.
The newspaper Aftonbladet reports that the latest news from the hospital is positive. Her condition at Tuesday lunchtime is said to be still serious but no longer unstable and critical.
Swedish ski cross sporting director Joar Båtelson told Swedish Radio News that members of the team were at the hospital and her family was on the way from Sweden.
Holmlund, who is second in the World Cup rankings, finished third at the 2014 Olympics in Sochi.