that is probably it, i had the same thing, but i kept driving, and the speedo will not work until higher and higher speeds, mine was up to 65 mph before it would work. I replaced the RWAL sensor in the rearend after some help from big joe ss/t and that fixed it speedo works and lights are gone in the dash. that is probably your problem too. i would check the wiring first just in case, that sensor is about $50.
thanks to darcar and Big Joe SS/T for the help.
hope this helps bobruss96 let us know what you figure out.