Grafana dashboard shows "too many outstanding requests" after upgrade to v2.4.2

[itsnotv]

Describe the bug

After upgrading to v2.4.2 from v2.4.1, none of the panels using loki show any data. I have a dashboard with 4 panels that load data from loki. I am able to see data ingested correctly with grafana explore datasource query.

Environment

Using loki with docker-compose and shipping docker logs with loki driver.

loki.yml

auth_enabled: false

server:
  http_listen_port: 3100

common:
  path_prefix: /loki
  storage:
    filesystem:
      chunks_directory: /loki/chunks
      rules_directory: /loki/rules
  replication_factor: 1
  ring:
    instance_addr: 127.0.0.1
    kvstore:
      store: inmemory

schema_config:
  configs:
    - from: 2020-10-24
      store: boltdb-shipper
      object_store: filesystem
      schema: v11
      index:
        prefix: index_
        period: 24h

table_manager:
  retention_deletes_enabled: true
  retention_period: 168h

error on the grafana panel

status:429
statusText:""
data:Object
message:"too many outstanding requests"
error:""
response:"too many outstanding requests"
config:Object
headers:Object
url:"api/datasources/proxy/9/loki/api/v1/query_range?direction=BACKWARD&limit=240&query=sum(count_over_time(%7Bcontainer_name%3D%22nginx%22%2Csource%3D%22stdout%22%7D%5B2m%5D))&start=1641993484871000000&end=1642015084871000000&step=120"
retry:0
hideFromInspector:false
message:"too many outstanding requests"