I think it depends on who you follow and the type of content you like as far as how many is too many or few. I am following around 80 people right now, but I do unfollow someone if I find I am not interested in their posts after a while. Since I avoid the hot and trending pages, I prefer my feed to be pretty active. I am an avid reader so I don't mind playing catch up on posts occasionally. I do agree with you about supporting the people you follow. I try my best to do so often with upvotes and comments.
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Good points! I often find myself reading and it catches up to where I was before so I just look on the trending and hot pages, but it seems to be the same people each time with content I don't enjoy very much.
I also try to reward my followers with upvotes and I run my weekly competition thing!