If by "instantly" you mean "all the way", then yes, just extend it farther away in the opposite direction. Then you can retract it normaly, it should be enough to retract it all the way.
Actually by instantly I mean all the way back to the start in one frame. I know you can retract it back to the start but it can be quite slow, I need piston to extend one pixle at a time but then retract instantly. Is it possible to do this?