Yes, it is possible to scale an Amazon instance vertically because of an unbelievable characteristic of cloud virtualization and AWS. Spinup is a huge case while correlated to the one which you are working with. Let up the case and distribute the source EBS bulk of this server and eliminate. Subsequent, end your existing instance, exclude its root volume. Enter down the peculiar device ID and join source volume to your fresh server and begin it repeatedly. This is the way to scaling vertically in position.
