A developer is troubleshooting an application that uses Amazon ElastiCache for Redis to improve performance. The application periodically experiences high latency during peak hours. The developer checks the ElastiCache metrics and sees that the 'Evictions' metric is consistently high and the 'CacheHitRate' metric is low. The cluster has a single node with a cache.t3.small instance type. Which action will most likely improve the cache hit rate and reduce latency?