Not really, unfortunately. You’d have to create the community on a different instance, make a sticky post in the original community redirecting them to the new community, and then lock the community to prevent new posts. If you don’t have a lot of content in the original community, or don’t care about keeping it, you could delete the community after a week or two once people have subscribed to the new community to prevent confusion.

It isn’t possible just yet, although there are issues on Lemmy’s github for it.