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I believe the ability to waitlist depends more on the relevant fare rule, not a specific booking class (although some carrier may have additional limitations)....
If I have a say V class booking on a later flight, can I waitlist for availability if all classes are sold out? Or can you only waitlist Y?
...
i.e. If a fare books into (say) L class and it's rules allow waitlisting then it can be done. There is a strong correlation between waitlisting being allowed and the price.