Check to see if the wires that go from the hold light down on the shift lever aren't shorting because of the insulation peeling. I had the same thing happen to my 94 Protege but the light started doing that after I whacked the dashboard really hard so I must have messed something up under there. I had the same problem on a 93 Mazda and it was a bad fuse just search for it and put in a new one it will all start to work again. The speed sensor which is located up near the instrument cluster is bad. My 1994 is doing this too, I need to find out if the speed sensor is part of the cluster or if it's a separate item.
it could have a bad speed sensor
I suspect your hold switch on the shift lever might be bad..or ahs a broken wire.
Above the brake pedal,its black plastic.
The speedometer cable (which runs from the transmission to the dashboard) has snapped. This is a two-piece cable, and the one-piece cable in later Proteges will not work. I had the transmission replaced, and the cable could never be fit in properly. This is a mechanical speedometer, so you would have to change the entire speedometer part of the instrument panel to use a magnetic/electronic speedometer.
My knee-jerk answer would be a TCM (Transmission Control Module) problem, but have a shop hook up a scan tool and they can tell you what is wrong.
because your car is broken
It is run off of the same fuse as the engine computer.
The HOLD light means you have an electrical problem with your transmission. See your mechanic ASAP.
Switch is defective or out of adjustment.