Small Waitlists? Internship/Fellowship Programs - What does this mean?

Hi everyone,

I recently got waitlisted at a prestigious national fellowship program. I recently called to ask about my chances of getting off the waitlist and I was told that the waitlist was small and that I was highly considered and ranked on it. They said they’ll let me know if I’m picked off the waitlist should space open up.

Does this mean I have a high chance of getting off the waitlist? Since they said it was small?