Preheat the oven to 350 degrees F (175 degrees C). Grease and flour a fluted tube pan (such as Bundt®).

Mix together flour, sugar, baking soda, and salt for the cake in a large bowl. Add mayonnaise and cranberry sauce; mix until well combined. Add orange juice and mix well. Stir in nuts and orange zest and pour batter into the prepared pan.

Bake in the preheated oven until a toothpick inserted into the center comes out clean, 60 to 75 minutes. Cool on a wire rack for 5 minutes. Tap the pan a few times to loosen the cake and invert carefully onto a serving plate.

While the cake is cooling, combine cranberry sauce and orange juice for the glaze in a small saucepan over medium-high heat. Bring to a boil and cook, stirring occasionally, for 3 minutes. Remove from the heat and allow to cool.

Transfer cooled cranberry-orange mixture to a large mixing bowl. Gradually add powdered sugar and beat until glaze has a thin and pourable consistency; pour over cake.