A blinking green LED next to a hard drive typically indicates normal operational activity such as reading from or writing to the drive. This does not signal an error or failure. On the opposite side, a solid green usually means the drive has power but is not currently in active use. A blinking amber can indicate a drive failure or a fault, while a solid amber might signify a serious issue like hardware failure. It is important for technicians to distinguish these statuses for efficient troubleshooting.