Psql Timeout connecting a new connection from collection pool

Hello, I used to get this error like a couple of times a day, which would crash my whole server. Today, it's been happening way more often. As soon as I start my server, my CPU usage goes too 100% and after a few mins, my servers crashes with the same error

My chat app has like 1.5k users. Is there anyway to troubleshoot why this is happening?