From administration difficulties to the bottom of the Scottish football league pyramid, the full-back has credited the Ibrox faithful as his reason to extend his time in Glasgow
Following the club's slide down the divisions, Wallace has decided to nail his colours to the Rangers mast, extending his contract with the club until the summer of 2017.
The fans, coupled with his happiness at being a crucial member of Ally McCoist's team, were enough to convince the 25-year-old to remain at Ibrox for the foreseeable future.
"I've said on a number of occasions that the fans have held us together in a lot of ways," Wallace told the club's official website.
"They've been tremendous and were a major factor in me wanting to sign on. When things weren't going well towards the end of last season, they were still supporting us in their numbers.
"Even on the back of some poor defeats, they were standing up applauding us and the atmosphere was still great."
Clearly, Wallace has not been discouraged by Rangers' 'fall from grace', and has his eye on the future now his new deal has been penned.
"It has been a great time since the start of the season," he added. "The prospect of going into the Third Division was a bit of a downside at the time.
"But having now experienced it and having come in to train every day, it has been great and I've been enjoying it.
"I was happy to sign the deal. It gives me a bit of long-term security and I’m enjoying the adventure we are going on."