Rainbow Point is one of the highest viewpoints in the park, and it is absolutely stunning. It's at the southern end of the main park road, and you pass by multiple viewpoints and pullouts on the way there. I recommend driving first to Rainbow Point and if interested, hiking one of the hikes there (there are three: 1.0 mi Bristlecone Loop, 8.8 mi Riggs Spring Loop and 23 mi Under-the-Rim Trail), and then traveling back to the center of the park and looking at the views on the way down. It can get crowded at the parking lot, so try to beat the crowds by going early. If you time it to be early morning with sunrise, the colors pop out even more! You can easily see why it's called Rainbow Point.
There are vault toilets and benches here, but no running water. Plan accordingly read more