Yup, that sounds like IT band pain. When mine hurts, it's tender by the knee, but hurts the most mid-way down the leg. After losing part of last season due to pushing my IT band too much, I've learned that the only way for this injury to get better is to rest and really dial back on the riding intensity. A foam roller and really light stretching is also key. You just really have to be careful not to overdo it!