The Samsung Galaxy S5 may finally have its release date as Samsung has announced one of its Unpacked events, which is set to take place on Feb. 24 at the Mobile World Congress in Barcelona.

Samsung is known to reveal the very best in their mobile catalog at these events. At previous Unpacked events, Samsung announced big-name devices like the Galaxy S4 and Galaxy Note 3.

A big giveaway that this event will be used to unveil the S5 is from the graphic they used in the announcement. Samsung seems to be blatantly calling it the “Unpacked 5” event, which just happens to contain the same number as the Galaxy S5.

Before the announcement, there was much rumor and speculation that Samsung would announce the phone soon, most likely in February.

It appears those rumors were true.

The rumored specs for the Galaxy S5 are a 2,560×1,440 ultra high-resolution display with a 64-bit eight-core processor, 16 mega-pixel camera, and 3 GB of RAM.

If you’re currently thinking about purchasing a Samsung Galaxy S4, the previous model, be sure to wait until the Galaxy S5’s release. The S4 is likely to drop in price once the S5 is available for purchase.

What do you think? Is Samsung announcing its next flagship phone at the right time? Do you plan on picking one up? Let us know in the comments below.

Check back with CP soon for more information and rumors on the Samsung Galaxy S5.