Hi,
Deformation analysis applies to your application (detecting subsidence or uplift). Sentinel-1 data can be used for that purpose. The magnitude of the subsidence/uplift that can be detected depends on the sensor. For instance, TeraSAR-X satellite can detect ground subsidence down to 1cm (if i am not mistaken) compared to Sentinel-1 due to its shorter wavelength.
The conventional interferoemtry, unfortunately suffers from atmospheric noise which means you cannot accurately detect any ground subsidence as the atmospheric noise, in most case, is higher than the magnitude of the subsidence. Using conventional interferometric analysis, you can get an overview of your AOI as to whether it subsidence or there is an uplift.
What you need to do is to think about more advanced analysis such as Persistent Scatteres Interferoemtry (PSI) where you can get very reliable measurements. More info on that have a look in the PSI/SBAS topic