Preheat your oven to 325°F (163°C) and grease a bundt pan.
Cream together softened butter and granulated sugar for 3-5 minutes until light and fluffy.
Add eggs one at a time, mixing well after each addition.
Whisk together flour, baking soda, and salt in a separate bowl.
Alternately add the dry ingredients and sour cream to the butter mixture, starting and ending with dry ingredients.
Stir in key lime juice, zest, vanilla extract, and food coloring (optional).
Pour batter into the bundt pan and bake for 75-85 minutes until a toothpick comes out clean. Let cool in the pan for 15 minutes.
Whisk powdered sugar, key lime juice, and zest until smooth.
Drizzle the glaze over the cooled cake and let it set for 10-15 minutes before serving.