Psyphire allows each account a maximum of 25 simultaneous MySQL connections on shared servers. The 25 simultaneous database connections should be sufficient. Most database connections open and close within a fraction of a second. A forum with 500 active members will rarely hit this 25 simultaneous connections. The SQL server will timeout after 60 seconds of inactivity .
If you are hitting the limit, typically, either your site has too much traffic for the shared server, or your site may be under attack. It is your responsibility to fix this by updating your web framework to the newest version, optimizing/indexing databases, or upgrading to a VPS server.