Combine the pineapple juice, coconut water, and orange juice in a large pitcher. Stir well to blend the flavours.
Just before serving, slowly pour in the lemon-lime soda or club soda to give the punch a refreshing fizz.
If using grenadine, gently pour it into the mixture. It will settle at the bottom, creating a beautiful gradient effect.
Add ice cubes to the punch bowl or individual glasses. Garnish with pineapple slices and maraschino cherries to give it a tropical, Spongebob-worthy look.
Pour into fun, festive glasses and serve immediately.