He was taken to a local hospital, but after being given the all-clear he travelled home on the team coach.
"It was a worrying time for us all. We all waited with him and travelled as a team," said manager Chris Hutchings.
Both sets of supporters had given Smith an ovation as he was stretchered from the field following lengthy treatment.
Walsall are hopeful that the centre-back will be able to play a full part in the closing weeks of the season.