Only 10 minutes remained when Holland turned the ball past his keeper Rob Elliot from David Jones' left-wing corner under pressure from Ebanks-Blake and Chris Iwelumo.
Charlton, having held Reading at the Madejski Stadium in midweek, thought they had earned another point when Elliot pushed out Ebanks-Blake's 69th-minute penalty, awarded for a push on Christophe Berra.
But Wolves dominated the second half and left manager Mick McCarthy a contented man.
"Of course, it's a relief to win and it's a big help that Reading are still in their bad run," McCarthy said.
"Hopefully, it will continue until the end of the season.
"I'm certainly not getting carried away, though. There are still seven games to go and you'll have to wait until May to see if I have a smile on my face."
Charlton were the more controlled side in a largely featureless first half-hour, only to fall behind shortly afterwards.
Michael Kightly's ball in from the right was hooked in off the post and possibly a defender by former Addicks striker Iwelumo - his 16th goal of the season and first since late November.
It meant for a happy day for the Scot as he had carried his young daughters Briseis and Nevaya out before kick-off as mascots.
"Chris has always had our support and you could tell from how the other players celebrated with him that he is a popular member of our group. They showed the appreciation they have for him because he's very unselfish."
Wolves were pegged back after 51 minutes when Zheng Zhi, recently back from a five-month absence with a foot injury, latched on to Tresor Kandol's knock-down and cracked home right-footed from 22 yards.
Wolves had been denied early on when Jones' corner bounced in off Holland, only to be disallowed for a push. They then pressed hard in the second half, with Kightly's stinging left-footer safely held.
The fortunate late goal left Charlton manager Phil Parkinson saying: "We have lost to two scrappy goals in a game we deserved something out of. We feel hard done by.
"We've played well here and need to carry on playing with a lot of pride, although our chances of staying up are slim.
"I was instrumental in taking Chris Iwelumo to Colchester and then Charlton and he was our top scorer last season.
"To see him leave almost for a nominal fee, about £400,000, I believe, hurts because we have needed a striker like him who can score scruffy goals."