Preheat the oven to 350°F/180°C and lightly oil several baking sheets.
In the bowl of an electric mixer outfitted with a whisk, beat the olive oil with 1 cup of sugar at medium-high speed until
creamy. Dilute the baking soda in the orange juice. Add the orange juice mixture, and water to the olive oil – sugar mixture.
Whisk for 30 seconds. Change the whisk attachment to the paddle attachment and add the flour, in increments of 1 cup, until
a soft, malleable dough takes shape. Cover with plastic membrane and let rest for 30 minutes.
Shape the dough into oblong pieces, about 2 inches (5 cm) long and 1 inch (2.5 cm) thick. Using the tines of a fork, prick
the tops lightly to form a decorative pattern.
Place in an oiled pan, mounded side up, about 2 inches apart, and bake for about 20 minutes, until lightly browned. Remove
from the oven and let cool.
While the melomakarona are cooling, make the syrup: Place all the syrup ingredients in a medium size pot and bring to a
boil. Reduce heat and simmer for 5 minutes.
Dip the melomakarona in the hot syrup and place on a platter. Sprinkle with cinnamon and finely ground walnuts and serve