There are quite a few arguments for and against the existence of the lost city.
In Defense of the Believers...
The Santorini Islands are a proposed location of the unseen Atlantis. From descriptions of the magnificent city in Plato’s writings, Merlin Firm (a company of satellite experts) has drawn similarities of these descriptions to ruins of some buildings and a large temple.
Through many of Plato's works, he mentions a specific type of metal used throughout the city. Coincidentally, there were shipwreck remains discovered on Sicilian coasts that included around 40 blocks of orichalcum, an ancient type of metal. Orichalcum is strikingly similar to the metal mentioned in Plato's writings about Atlantis. Some believe that the metal remnants are from Atlantis itself!
In some ancient Asian writings, there is a mythological island called "Lemuria." When determining the precise location of the proposed land mass, it is predicted to have originated south of Asia near the Indian Ocean. Atlantis's location, though never specifically nailed down to a precise area, is hypothesized to reside in the proximate destination as that of "Lemuria." Some believe that the two are actually the same land-form, so "Lemuria" is just another name for Atlantis.
Athanasius Kircher's Atlantis circa 1669 by Athanasius Kircher. Public Domain {PD-US-expired}
In Defense of the Non-Believers...
The mechanics behind plate tectonics propose that he "lost city" could not have possibly existed. When Pangaea separated and the individual continents started to drift away from one another, the ocean floor increased in size. If the city were to have sunk to the bottom of the ocean, it is unclear as to where it would reside.
Some are skeptical of the conspiracy in itself because Plato wrote about Atlantis in 360 B.C. but claimed that it existed long before he was born (nearly 8,000 years). The fable was passed down from one generation to the next, so fault may lie in this secondary sourcing. This questions the integrity and actuality of the fable itself and takes on more of a fictional property versus a real, nonfictional name.
Though the mystery of what truly lies at the bottom of the ocean floor has not been conquered, one would think that such a large landmass would stick out. The bottom of the ocean is vast and mostly undiscovered; however, an entire city, with such a large surface area, should be detectable. Being an entire city, it is difficult to answer how submarines and other advancing oceanic technology have been unable to spot the mass.
It should be noted also that there is a complete lack thereof of any physical proof of the city's existence. Even with oceanography, mapping, and other techniques, there has been nothing tangible to display Atlantis's existence. Skepticism rises in the doubtful population due to the lack of real, non-circumstantial evidence.
SOURCES Bilyeau, N. (2018, December 01). British Researchers Claim Lost City of Atlantis has Been Found in Spain. Retrieved from The Vintage News: https://www.thevintagenews.com/2018/12/01/atlantis-has-been-found/ Radford, B. (2018, March 01). 'Lost' City of Atlantis: Fact & Fable. Retrieved from Live Science: https://www.livescience.com/23217-lost-city-of-atlantis.html Su, A. (2017, March 12). Top 7 Evidences to Prove the Lost City of Atlantis is Real. Retrieved from Mysterious Monsters: http://www.science-rumors.com/top-7-evidences-to-prove-the-lost-city-of-atlantis-is-real/