Huge amount of links on page can still be considered as Spammy, here's why

 How Many Links Should We Have on a Page? 

 “It used to be the case that Googlebot and our indexing system would truncate at 100 or 101k and anything beyond that wouldn’t even get indexed. And what we did is we said, ‘Okay, if the page is 101k or 100k, it’s reasonable to expect roughly one link per kilobyte and therefore something like 100 links per page.’ So that was in our technical guidelines and we said this is what we recommend, and a lot of people assumed that if they had 102 links or something like that, that we would view it as spam and take action. But that was just kind of a rough guideline.”

 “The other thing is that it can start to annoy users, or start to look spammy if you have tons and tons and tons of links. So we are willing to take action on the web spam side if we see so many links that looks really, really spammy. But if you compare our old guideline with 100 links and you look at what the web looks like now, it is quite common to have two or three or 400 links on the page, as long as the page is long, it has value add, there are substantial amounts of substance and real stuff on that page.”

So, review your website and check your links on each pages.

Another tip is always visit your Google Webmaster Central, they will send notifications if you violated their rule of thumb :)