Make the ice ring, if desired: Sprinkle 1 cup maraschino cherries in the bottom of an 8-inch tube or bundt pan. Fill the pan with 3 to 6 cups water, enough to cover the cherries fully. Freeze until solid.
Combine the red wine and lemon juice in a large bowl. Cover and chill for at least 2 hours or overnight. Top with cola and remove the ice ring from the pan and float in the punch, if using. To serve, ladle into ice-filled lowball glasses. Garnish with maraschino cherries.