Is it possible to use inline text modal?

Yes, you can but you will need to use an HTML Block. Inside the HTML Block you would put something like this:

Brown cow <span class=”jumpsmodal”>jumps over</span> the moon

Then you create a modal block and specify Trigger > Show On > Custom Element Click. For the Trigger Class Selector field enter ‘jumpsmodal’. This links the Jumps Over text to the modal and when you click on it, the modal will open.