Holiday underwent an MRI during the game, and the results came back clean, coach Mike Budenholzer said.
"Everything is intact, so we're hopeful," Budenholzer said. "We'll see how he feels in the morning, but I think so far what we've received -- information and MRI-wise -- everything has been good, positive."
The Bucks have a day off Wednesday before they head to Miami for a matchup against the Heat on Thursday night.
The Bucks had a short offseason following their championship run last summer, but Holiday's break was even more abbreviated after winning a gold medal with Team USA at the Tokyo Olympics immediately following the NBA Finals.
Still, Holiday came out of the gate shooting 5-of-7 from the field for 12 points in the first half of Tuesday's opener. He played 18 minutes in the first half, the most of any Bucks player, before the injury occurred during a drive to the basket in the second quarter. Holiday remained in the game for a few more possessions, but the Bucks decided to exercise caution once they learned of his discomfort.
"The way he described it, I think it was the appropriate thing to do," Budenholzer said.