I'm not 100% sure what you mean by "overflow hole", but I think you might be talking about the sump access hole, which is there so you can pump off the groundwater that collects under your pool causing hydrostatic pressure under your pool which continually wants to push your pool up trying to pop it out of the ground.
If the water in the sump is 2 feet from the top, you better pump that down soon, that's a whole lot of pressure working against keeping your pool an inground.
Verify first that this is what the access hole is for, but I'm relatively sure about that, once you get it pumped down, it will likely fill pretty quick again if there's that much water in there right now, so keep pumping it off until the level stays a little lower (like 4-5 feet down minimum).
Do you have a high water table where you are???
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