What were your stats ?! I have an interview there and to make you feel better I had a friend last year who was wait listed for a really long time but he got in !!
To my understanding a "hold" means they haven't said a full yes or a no. They are waiting to compare to other students first. However, I am not sure of this 100%. I think they would say the words "wait listed" if that were the case.
"On hold" means that they haven't made a decision on your application yet. They're going to interview the rest of the applicants and then around April, they will decide on the status of the rest of the applicants. Applicants "on hold" could be accepted or be given the option of being placed on the waitlist.