He will almost certainly have some more involvement with Punk leading up to the SS match w/ Lesnar. AKA he will job on Raw a time or two.
Can he juggle that and a feud of his own? Not sure, but I assume he will be on the card (or--- gasp---- KICK OFF SHOW!). Mid card face challengers, let's see here:
Christian- feuding with Ambrose
Ziggler- Big E :/
Kofi Kingston return? Perhaps, especially since it seems likely to me that Axel could wind up in a throw in match at SS, without much build.
RVD- more likely to wind up jobbing to ADR
Miz- I think we've seen enough of those two
Fandango- not exactly a face, but I could see them throwing him into an IC title match. "We like Axel, but he has nobody to feud with. We love Fandango, but he isn't doing much. TO THE DEATH, IS SAY!'
Rhodes- Sandow
So yea, there really just aren't many free faces atm, so by default Axel is left without much direction for the time being.