While I presume you're already well aware from the title of the post: yes, both spells resolve, and the creature successfully enters play (assuming you used the second mana ability of Cavern of Souls and not the first!). Cavern of Souls tries to counter the spell, and nothing prevents it from trying to counter it - nothing keeps Cavern of Souls from resolving. It just doesn't [i]do[/i] anything.
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