Shot using one cycle trail (10)
I believe the answer is:
iridescent
'shot' is the definition.
(shot can describe multicoloured fabrics)
'one cycle trail' is the wordplay.
'one' becomes 'I' (Roman numeral).
'cycle' becomes 'ride' (ride can mean to ride a bike).
'trail' becomes 'scent' (an animal's trail is its scent).
'i'+'ride'+'scent'='IRIDESCENT'
'using' acts as a link.
(Other definitions for iridescent that I've seen before include "Sparkling" , "Shimmering with rainbow colours (anag of 1 across, 9 and 23)" , "flashing colours" , "Eye-catching" , "with a glittering display" .)