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Look elsewhere. Not out of spite, but because it's way easier to get a promotion that way, and your company has shown you where their loyalties lie.
There's a reason most people only stay in a job a few years before moving on these days - by that time you're usually ready for the next rung of the ladder, and it's usually a ridiculous fight getting it at your current place who inevitably think you're paid "plenty enough where you are". Then it's just depressing staying in a role that you know is beneath you.
I found out last week that I was passed up for a promotion not because I didn't deserve it but because I got one last year.
My manager asked to have me promoted. People on other teams wanted me promoted. HR did not.
I wasn't mad about it at the time but the more that I think about it the more it's getting me down. I've been pushing myself trying to prove that I would be good for the position and now I have lost all motivation and I hate it. I like where I am at and I like what I do but this has really killed it for me. I'm struggling to get anything done now.
rant