Yes, you can use the ItemColorSet property of the chart with an expression that defines the colors based on the items of the chart.
For your example, if the items is defined as a collection called 'datasource', and the name of the column based on which you want the color selection is called 'Name', you can use the following expression, using the ForAll and the Switch function, to define the colors:
ForAll(
datasource,
Switch(
Name,
"Covered", Color.Green,
"Not Covered", Color.Red,
"Preferred", Color.LightGreen,
Color.Gray))