I ordered the green stripe, which looks very cool in a tie-dye way. It is microfiber and very soft and stretchy. The microfiber gives it staying power so it doesn't slip, but yet it's not tight or likely to make a "dent" in your hair. And if you wanted to, you could triple it up for a pony tail wrap.
I'm super pleased with it, thought it was worth the price, and am considering getting more in other colors. Very versatile and high quality.