Toyota Carolla S 2015 power loss/engine light/trac off

I have a 2015 carolla S with 52k miles. I brought it at 32k,
kept up with all my oil changes, and maintenance needed.
I drove my car down a highway going 35mpg and out of
no where my RPM went to 4K and car lost power and
engine + trac off light came on. I turned my car on after 10
mins from pulling over and put my car in drive and the
gear change from park to drive moved the car, but car still
drove fine but still losing power. I’m not driving it at all
now, what could be the problem? Is it transmission or
some spark plug? Fuel filter? is my transmission going
out? Is it my trac/abs system that needs to be replaced?