Here are some possible meanings:
* "Hola allí" (with an accent on the "í") would mean "Hello there" in Spanish. This is a common greeting.
* "Hola, allí" could mean "Hello, there" where "allí" is used as a place. It would depend on the context.
If you can provide more context or information about where you heard this phrase, I might be able to help you understand it better.