I just found out that there is a limit of around 300 blogs that you can follow. As a result, I went through my list of followed blogs and cleared out a huge bunch of inactive ones. This way, I can start adding new blogs that are active to my list once again.
To all those that have not done this yet, I highly recommend you to clear out your list of inactive blogs. You will not be able to follow more blogs once you hit this 300 limit.
Bottoms-up my friend.