Faded - yet it's over coloured! (5)
I believe the answer is:
tired
'faded' is the definition.
(thesaurus)
'it's over coloured' is the wordplay.
'over' says the letters should be written backwards.
'coloured' becomes 'red' (similar in meaning).
'it' reversed gives 'ti'.
'ti'+'red'='TIRED'
'yet' is the link.
(Other definitions for tired that I've seen before include "Worn-out" , "Worn out" , "Ready to drop" , "Whacked" , "getting bored" .)