PlayStation Classic can be safely considered a failure because of how bad Sony messed it up. The sales performance of it is still up in the air but some retailers are apparently slashing its price rather quickly.
PlayStation Classic has a launch price of $99.99 and comes with 20 games. The selection of games was an issue for some people who wanted to enjoy a more healthy lineup of games, but the selection picked up by Sony was disappointing. The other issue was with the performance of the console itself since it was stuck with issues related to performance and even refresh rate. The console was confirmed to use an open source emulator and was easily hacked by users.
While it is early to call it a price drop, this has happened for two major retailers who have slashed the price of PlayStation Classic down to $59.99, or almost the same as the SNES Classic. This marked down price can increase the appeal of the product but the performance issues and games library is still a disappointment no matter what the price is set.
If you want to grab one, Walmart and GameStop have marked down the price of PlayStation Classic from $99.99 to $59.99. If you can wait, it is possible that other retailers will join as well, or perhaps Sony itself will release a revision 2 or officially drop the price.