The Gers suffered a 2-1 loss to Hibs at Easter Road in the Scottish Championship on Sunday.
Jason Cummings put the home team in the lead after just 11 minutes, but Darren McGregor deflected in Wallace's shot two minutes into the second half to make it 1-1.
Wallace and Rangers substitute Nathan Oduwa hit the woodwork before Paul Hanlon headed in a 73rd-minute winner for Hibernian.
Scotland international defender Wallace has told Rangers’ official website that the players are keen on returning to winning ways next weekend for the fans.
“We must train harder than ever, prepare better than ever and aim to send the fans home happy next week because I thought the support was tremendous today,” said the 28-year-old.
“I feel for them today but I think they are smart enough to see where we are going. It’s a setback but I think everyone believes that we are going to go on and do great things this year.”
Rangers remain at the top of the Scottish Championship table despite Sunday’s loss, five points clear of second-place Hibs.
Mark Warburton’s side are back in action next weekend when they take on Alloa Athletic at Ibrox in the Scottish Championship.