If your settings don't look like the ones below, check out this article.
Yes, you can!
How to Raise Prices for a Subscription Plan for New Members
To charge new members a higher price for a subscription plan but allow existing members to continue paying their current subscription price, follow these steps:
Make your existing subscription plan hidden by going to the plan settings and selecting the Visibility & Sharing tab.
Uncheck all boxes under “Choose Where This Plan Appears.” Plan members will continue paying the same price for this plan and won’t see any changes, but the plan will no longer appear for sale anywhere.
Duplicate the hidden plan by going to Admin > Plans > Plan List
Hover over the plan you'd like to duplicate > click the three-dot menu > click "Duplicate Plan".
Change the price of this new plan to the higher amount you want to charge.
Make the plan visible by checking at least one box under “Choose Where This Plan Appears.” This higher-priced plan will now appear for sale in the locations you selected.
If you’ve been using plan share links to sell your plan, delete them from the lower-priced plan and create new share links for your higher-priced plan. Use the new links when promoting your plan.
If you want to raise prices for existing members, check out this article on moving members and move members to the new plan.