The phrase "holds water" is typically used to describe an argument or idea that is logical and convincing. However, there are a variety of synonyms that can be used to convey this meaning, such as "holds up," "stands up," "stands to reason," "makes sense," "rings true," and "is valid." Each of these phrases implies that an idea or argument is well-supported, and is therefore likely to be true or accurate. Using these synonyms can help to add variety to your writing, as well as emphasize the strength and persuasiveness of your arguments.