Coral will grow to remain in the photic zone, which is why many tropical volcanic islands have substantial reefs offshore. As sea level rises (should it do so), the coral will keep up if at all possible and grow to where it can function optimally. If sea level drops, wave action will erode existing reef structures, often infilling lagoons with debris and sediment, and coral will grow in what was deeper water, expanding the ring of coral around the island.
Life finds a way, and nature adjusts.