Usually connecting failed is a server that is crashing and you gotta wait a few minutes before you can join that server again.

Not in this case. It started a few days ago and I've been back to check multiple times over that time span including a few times this morning. Something else happening here

This issue seems to be recurring. After filing my original issue and waiting I deemed my original character lost and restarted on a new server. Though functional for awhile the connecting failed issue again resurfaced and required a server switch (this time at least my character was preserved). I'm not 100% but it seems to be related to exiting a server via pressing "Logout now" when quitting instead of waiting the 15 seconds. At a certain point I can never reconnect to the server and I'm forced to migrate. So, for now, I can mitigate via switching servers however losing a character again would be rough.

FWIW I play with three others and we've all had this issue over the past week, each time moving to a new server. If we're faced with this a lot + losing characters = not a good experience.