We investigate the linear-chain configurations of four-$alpha$ clusters in $^{16}$O using a Skyrme cranked Hartree-Fock method and discuss the relationship between the stability of such states and angular momentum. We show the existence of a region of angular momentum (13-18 $hbar$) where the linear chain configuration is stabilized. For the first time we demonstrate that stable exotic states with a large moment of inertia ($hbar^2/2Theta$ $sim$ 0.06-0.08 MeV) can exist.