Preheat the oven to 350 degree F. Meanwhile, grease baking sheets.
Fix the whisk attachment to the electric mixer. In the mixer's medium-sized bowl pour olive oil and add sugar. Whisk on medium-high speed until the mixture gets creamy.
In a separate cup, mix the orange juice with baking soda. Add this along with water to the olive oil mixture. Whisk again for half a minute.
Fix the paddle attachment. Add flour slowly while kneading the dough until a soft dough is formed.
Cover it with plastic wrap and let it rest for half an hour.
Shape the dough into 2-inch long 1-inch thick cookies. Use a fork to prick a decorative pattern on the surface.
Place the greased baking sheet on a baking pan and set the cookies on it, mounded side up. Set the cookies 2 inches apart from each other. Bake for 20 minutes until they become light brown.
Meanwhile, prepare the syrup. Put all the ingredients of the syrup in a saucepan except honey and cook until the contents boil. Allow simmering on low heat for 5 minutes.
Remove from heat, add honey and mix well.
Let the Melamakarona cool down for at least 20 minutes. Dip each cookie in the syrup and place it on the serving platter. Sprinkle it with cinnamon powder and finely chopped walnuts.