this means that the battery is too hot.  it may be a false alarm.  make sure there is plenty of air circulation under the laptop, it helps cool it down... and the problem might go away....

It keeps blinking even if the laptop is turned off, and after it has been off overnight.

I felt the bottom and it isn't nearly as hot as i've felt it to be in other times.

Any other suggestions? Can it be a faulty battery?

this is not a good omen.  i hope you have extended warranty.. to me the lay person, it seems the fan is not working or not cooling enough.  if you call dell they can send someone out, as they may have to replace motherboard, fan and other things in there.  they will not replace screen, HD and memory. this might help with the blinking light.  I would go with this.

altho if you left your laptop upside down overnight, then see if it cools down enough.  just basic stuff.

this is not a good omen.  i hope you have extended warranty.. to me the lay person, it seems the fan is not working or not cooling enough.  if you call dell they can send someone out, as they may have to replace motherboard, fan and other things in there.  they will not replace screen, HD and memory. this might help with the blinking light.  I would go with this.

altho if you left your laptop upside down overnight, then see if it cools down enough.  just basic stuff.