What recommendations can be given to improve the PHP code in order to successfully update the 'price' entry in the MySQL database?

The issue with updating the 'price' entry in the MySQL database may be due to incorrect SQL syntax or missing connection to the database. To solve this issue, ensure that the SQL query is properly formatted and that the database connection is established before executing the query.

<?php
// Establish database connection
$servername = "localhost";
$username = "username";
$password = "password";
$dbname = "database";

$conn = new mysqli($servername, $username, $password, $dbname);

// Check connection
if ($conn->connect_error) {
    die("Connection failed: " . $conn->connect_error);
}

// Update 'price' entry in the database
$new_price = 50;
$product_id = 1;

$sql = "UPDATE products SET price = $new_price WHERE id = $product_id";

if ($conn->query($sql) === TRUE) {
    echo "Price updated successfully";
} else {
    echo "Error updating price: " . $conn->error;
}

$conn->close();
?>