Can you hold a reservation on Southwest?

If you have any refundable funds on the itinerary, you will see a section called "Refundable". There you will have the option to Request a refund or Hold for future use as a travel fund. Click "Cancel Flight" to cancel the reservation for all Passengers. Once you're finished, you will see a confirmation page.

https://support.scanova.io/hc/en-us/community/posts/38419733959193