Yes. That situation results in a phenomenon known as "floating".
If the gravitational force is less than the buoyant force, the drag force will act in the opposite direction of the gravitational force.
If the weight of the object is higher than the buoyant force the object SINKS. And the opposite happens if the weight is lower than the buoyant force. If it is equal, the object neither sink nor float, it is neutrally buoyant.
The gravitational force and the buoyant force.
by the balance of buoyant and gravitational force
The opposite of buoyant force is gravitational force. Gravitational force acts downwards, pulling objects toward the center of the Earth, while buoyant force acts upwards, pushing objects in a fluid upwards.
The force working against the buoyant force is gravity. Gravity pulls objects downward, while the buoyant force pushes objects upward when they are immersed in a fluid.
When gravitational force and buoyant force are balanced on the lithosphere, the rock is in isostatic equilibrium. This means that the rock is neither sinking nor rising in response to the forces acting on it.
The Buoyant force depends on the equation Fb=mfg where Fb is the buoyant force, mf is the mass of the fluid (water) that is displaced by the body and g is the Earth's gravitational constant 6.673x10-11Newton Meters squared per kilograms squared (Nm2/kg2) Submarines use buoyant forces and gravity to move up and down with in the water. When the Buoyant force is less than the Earth's gravitational pull on the submarine, it sinks, when the buoyant force is greater than the Earth's gravitational pull on the submarine, it rises. Once the submarine is already submerged, the buoyant force is constant. Submarines adjust the Earth's gravitational pull on it by filling the space in between the inner walls and outer walls with water and/or gasses. With out buoyant forces, the submarine would never return to the surface of the water.
the force of gravity
The two forces acting on a body immersed in a liquid are buoyant force (upward direction) and gravitational force (downward direction). Buoyant force acts in the opposite direction to the gravitational force.
In space and away from anything with a gravitational pull.
An object will float if it is less dense than the liquid in which it is placed; if it is denser, it will sink. In terms of forces, if the force of gravity (downward) is greater than the buoyant force (upward), then of course the net force will be downward, and the object will sink.