What’s next if I’m turned down for a raise?

I was feeling super proud of and excited about my work and approached my boss for a raise a couple of months ago. I thought I had a great shot. Months have gone by without a decision and yesterday, I wasn’t given a decision but was reminded that I already have great benefits. I took the conversation to mean I should be prepared not to get a significant raise.

I want to earn more money and I want to keep overdelivering. I am feeling discouraged that overdelivering in this position may not lead to earning more.

How do I keep going? I am exploring opportunities elsewhere, although I do like where I work. Do I just keep believing I’ll get to 100+k somehow, someway?