Start here. This is the direct spoken answer to practice first.
Why this question matters
A cache can have a high hit rate and still be unhealthy. Good observability connects cache behavior to user latency and source-system pressure.
I would monitor hit rate, miss rate, Redis latency, Redis errors, timeouts, memory usage, evicted keys, expired keys, and command volume. I would also watch the source system, such as SQL, because cache misses or Redis outages can shift load back to the database. A cache metric only matters when it explains user latency, source pressure, or freshness.