It might have some highlights

HAIR

Think of what grows on your head that can be dyed, curled, or cut in many styles.

The clue plays on the double meaning of "highlights." In hair styling, highlights are lighter strands added to hair for contrast. But the word can also mean the most exciting or notable parts of something, like a sports game or a book—so "it" could refer to either hair or another thing with standout features. The answer is "HAIR" because that’s the most straightforward interpretation of something that literally has highlights.