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Yes this is possible. When you go into your sprint backlog there is a Create Sprint button. When you use this button it doesn't create an active sprint. The active sprint is only the sprint which has currently been started. Depending how your instance is setup there may also be a limit to only one Sprint per board at a time, but this is a global setting. So in short you may not even be able to have more than one sprint at a time that's active!
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