Apple Watch Series 1 won't power on

Apple Watch Series 1 won't power on

My Series 1 won’t power on after sitting in a box for several months. It just cycles between the flashing Apple logo. The 2-button hold for 10-second solution produces no change. Apple asks $224 to fix a 4-year old watch that can’t use the current and future software. Any ideas other than buying a new one?