Absolutely possible to be rejected for numerous reasons including (but not limited to)…
–The fact that admissions at most colleges are holistic. That means things like EC activities, essays, recommendations etc. are given weight in the admissions process. Some college also take into account things like demonstrated interest etc.
–Some schools are need aware and could reject candidates if they don’t want to give them the aid that is needed for them to be able to afford the college.
–Some college want subject tests and your application could be at a disadvantage if your don’t have them.
–Some colleges accept by major (or by program – such as the engineering or business school) and if you are applying to a more competitive major then you may not get in even if your stats are above the average profile for the school.
–Many top tier colleges do not have space to accept all of the well qualified candidates.
–If you are an International student needing aid admissions is generally way more competitive.
–If you are applying for an OOS public school admissions is typically more competitive than for a state resident.
–Also in another post you ask about replacing grades with summer school classes. In that case, colleges will likely see your original grades even if you re-take a class in the summer and that will probably be a factor in admissions regardless of what your recalculated GPA is.
Be sure to have a list that includes safety schools that appear affordable and that you would be excited to attend.