Heat oven to 350F. Line two muffin pans with cupcake liners and lightly spray with cooking spray.
Using a mixer, combine the cake mix, 1 1/3c of the cherry cola and the eggs in a large bowl on medium high until combined, about 2 minutes. Divide evenly among the muffin cups (about ¾ full each).
Bake cupcakes until a toothpick inserted in the center comes out clean (15-20 minutes). Set aside to cool completely.
Stir remaining ¼ cup of cherry cola together with the cherry preserves. Add to a small saucepan and heat, simmering until thickened and slightly reduced, 5-10 minutes. Move to a bowl and refrigerate until fully cooled, 45-60 minutes.
Scoop out a ½” wide and ¾” deep crater in each cupcake. Fill each hole with the soda/preserves mixture.
Beat the frosting and cherry juice together on medium-high until smooth and fluffy, 4-5 minutes. Pipe atop the cupcakes and gently smooth with a butter knife.
Top each cupcake with a maraschino cherry and serve.