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Yes - this is possible. In order to do this in Hyperion Planning, your version must be setup as a "Target" version, and not a "Bottom-up" Version.
If you don't want to use a "target" version, designers will sometimes create "proxy" members that represent an upper-level member in a hierarchy (but are actually level 0). These can be used to hold amounts to be allocated. The benefit of this approach is that the amount to be allocated doesn't actually get overwritten with the results of the allocation. This can make testing and validations easier. With that said, these proxy members can be difficult to manage, especially if you need to allocate from many upper-level points in a hierarchy.
Hope this helps,