Chances of getting accepted through waitlist & appeal?

There was a record number of applicants this year, 43,000 students applied. I got waitlisted, which makes me really sad because this was my top choice. Here are my stats:

ACT: 26
GPA: 3.64 unweighted
In-State
9 AP Classes, National Honor Society, 150 hours of volunteer, part-time job. My grades dropped sophomore year because I was suffering from depression and Junior year is when I took 4 APs and got B’s, so it dropped my GPA.

Is there still a chance of getting in? I know a lot of people who were waitlisted and rejected, and the statistics of seeing previous waitlist years worries me a lot. I was going to ask 3 of my teachers to write me a letter of rec for my appeal too.