You could always make a psuedo motion blur effect... kind of like the Johnny Cage kick from the original Mortal Kombat game, where it basically shadows an image as it moves along. You could do this with a copy of your sprite that has the fade effect applied to it, and have your main sprite "spawn" the copied fade sprite as it moves along.
I will be making something similar for my characters "dash" attack, so if you aren't sure what I am talking about, check my thread in the Creations section in the next few days... It is on my to-do list for the next few additions.