SSAS server high memory utilization issue - Unable to access the cubes

We have recently faced an issue in the SSAS 2012 server, where all of sudden the memory utilization went 295GB Plus and affected the users accessing the cubes. Cube gets connected from SSMS successfully, but throws error related to memory issues while browsing it .

The cube size itself is less than 10GB, regular set of users using it for more than year.

We never faced such issues before. DBA's couldn't figure out much from server logs, as it says the same "memory consumption high for SSAS service" in the win server logs.

DBA recycled the SSAS service and we checked the memory consumption went down to 700MB and we accessed cube without any issues.

I am trying to do the RCA for the problem.

Anyone faced such issues in the past?