Did you get off the waitlist last year? Or did you reapply?I was waitlisted last year - the wait period actually extends to the first day of orientation (mid-August).
In the meantime, you can consider applying to other schools, continue improving your candidacy, and consult with advisors to discuss weaknesses in your application. As far as I have been told, there is no certain 'rank' to the waitlist. The best thing to do is to stay busy and prepared so that if you have to reapply, you can show clear improvement.
Best of luck! 🙂