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<span>These nonessential elements, which can be words, phrases, or clauses, are set off with commas. Rule: Use commas before and after nonessential words, phrases, and clauses, that is, elements embedded in the sentence that interrupt it without changing the essential meaning.</span>
Answer:
ITS THE FIRST ONE PLS FOLLOW ME
The correct answer is the first option - The statue holding the torch is the Statue of Liberty.
You don't need a comma in this sentence because if you separated the phrase <em>holding the torch </em>using commas, then it would mean that phrase is non-essential, when in fact its meaning is very important for this sentence. It is important to know which statue exactly that is - and this is why the phrase should not be separated by commas.