Do bike wheels limit the top speed?

I have an MTB with 26 inch wheels and thick aluminum frame. Swapped the stock drivetrain to a bigger one with a 48 crankset. I topped out at 32 mph on a flat surface (an 0.5 mile road patch). Now, is it possible to get to 40 with more practice? I mean, aren’t the 26 wheels the limiting factor?
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