This headband is crocheted using the Tunisian knit stitch. You can see a close-up photo of the stitches above; the stitches look like stockinette stitch, but this isn't knitting; the entire piece is crocheted.
Red Heart Super Saver is a yarn with a long history. I've had the variegated color hanging around in my yarn stash since sometime in the mid-1990s. I am sorry to say that I'm unable to find the color name -- but if you would like to make this headband, please don't let that stop you, as Red Heart Super Saver is available in a lovely assortment of colors. If you're making the headband for yourself, I suggest matching your yarn colors to a jacket or outfit you wear often.
Also, feel free to substitute yarns if you like. You should be able to get good results for this project with a wide variety of different yarns. Don't hesitate to try wool or alpaca if you prefer to use a natural fiber yarn.