Phenyl carbonation is said to be unstable because the + charge on it cannot be stabilized by Resonance or any other electronic effects, so my question is that if the resonance occurs in the direction shown in the below picture the + charge can be delocalized to some extent, so will it adapt that ?
Your resonance structure doesn't do anything to stabilize the cation. You've created a singlet carbene at the top most carbon, so it has both the cation and the anion on the same carbon. These do not cancel out. As drawn, you have two hydrogens on the top carbon. You need to replace it with a single lone pair and an empty orbital.