Gers' 2-0 victory over Gardner Speirs' battling Queen's Park at the weekend took the Ibrox men top of the basement pile on goal difference from Elgin City.
With a trip to Clyde looming on Sunday, Wallace is adamant Gers must avoid another dose of the away-day blues that has seen them fail to claim a win on the road.
The Ibrox ace said: "We only found we were top of the table when we came off the pitch and it made the day even better.
"We knew we had to bounce back after the disappointment against Stirling Albion. We then had a break which wasn't ideal as we wanted to rectify that quickly.
"But we had a good couple of weeks training and came good on Saturday.
"In the second half, fitness was important as we kept pressurising and, eventually, the hard work paid off.
"Now it is vital we keep things going with a win at Clyde."
Wallace also paid tribute to Gers strike ace Dean Shiels, who helped set up the first of Lee McCulloch's two goals against the Spiders.
He told the Rangers website: "Dean moved to the left in the second half and we got some joy. He's a great player and has come off his best season with Kilmarnock last year. He is always going to help anyone around him and I felt he and I linked well."