To swim said to be the alternative to this depression (4)

I believe the answer is:

sink

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'depression' is the definition.
(I know that sink is a type of depression)

I can't explain the rest of the clue.

(Other definitions for sink that I've seen before include "Scene of iniquity or washing up" , "place of iniquity?" , "Basin for washing up etc" , "Disappear below the surface" , "Descend into water" .)

I've seen this clue in The Times.

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