Possibly but almost never in practice.
Water becomes very slightly more dense as pressure increases. But the change is very small. Only 2-4% more dense at the bottom of the sea compared to surface.
So if your sinking object is only 2% more dense than surface water then it would stop sinking before reaching ocean bottom. Anything more dense than that would keep sinking.
Also the water pressure may squeeze the sinking item so it may itself become more dense as it sinks.
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