How do suggested edits work?
While trying to edit some posts at Stack Overflow, not all of my suggested edits were approved. After a while, my edit privilege is gone.
Is that because I have a large number of rejected edits?
Yes, if significant amount of your suggested edits have been rejected, you won't be able to suggest edits for a while.
It is also possible that the suggested edit queue is full, thereby suppressing the edit link.