Newton's second law states that the resultant of the forces acting on the sphere is equal to the product between its mass m and its acceleration a:

There are two forces acting on the sphere: its weight W, directed downward, and the buoyancy B, directed upward. So Newton's second law becomes

(1)
We already know the weight of the sphere:

, from which we can also find the mass of the sphere:

The buoyancy is equal to the mass of the water displaced:

where

is the water density
V is the volume of water displaced, which corresponds to the volume of the sphere, since the sphere is underwater
g is the gravitational acceleration
The radius of the sphere is

, so its volume is

So now we can rewrite Newton's second law (1) as

and solve it to find the acceleration of the sphere, a:

and this acceleration is directed downward, since it has the same sign of g.