PS4 Slim takes multiple attempts to turn on

Hey

I have a PlayStation 4 Slim 500gb(CUH-2016a) and has bit of a problem.

When I turn it on, 8/10 times it beeps, gives blue light and turns off. I have to switch off the outlet, wait and then turn the outlet on then attempt to turn on the PS4. If I don't turn off the outlet and press the power button there's no response, no blink or beep, completely cold. Sometimes it turns on in 1 attempt or sometimes even directly, sometimes you have to repeat the process 5-6 times. (Doesn't matter if you turn on from power button or controller)

When it turns on it works perfectly fine. Does not power off or anything. I have re-initialized it but problem persists. Also changed the power cord but to no use. I suspect a power supply issue. Any ways to resolve it?