This is a follow-up question to two answers given here and here, where the speed in different coordinate systems is discussed when approaching the Schwarzschild radius. To cite, derived directly from the Schwarzschild metric, we get $\frac{dr}{dt} = c\left(1-\frac{r_s}{r}\right) = c\frac{r-r_s}{r}$
And when r = rs, $\frac{dr}{dt}$ equals zero, as per this graph on JR's previous answer:
In the derivation provided, a step of taking the square root is (suspiciously?) left out that would also allow $ \frac{dr}{dt} = c\frac{r_s-r}{r}$ to be a solution.
It makes no difference. When rs = r, $\frac{dr}{dt}$ still equals zero.
Does the reversed sign solution describe the outgoing photon instead of the incoming, or the other way around, depending on the coordinate directional convention?
Neither. It says that according to the external observer, the speed of light at the event horizon is zero.
Is the solution valid for $r<r_s$, inside Schwarzschild radius?
No it isn't, because the speed of light can't be less than zero. Speed is a scalar, light can't go slower than stopped. In similar vein there are no rulers less than zero inches long.
if so, how it can be interpreted that the photon's speed seems to pick up again?
It can't. See the history section of the Wikipedia Schwarzschild metric article, and note this:
"In 1939 Howard Robertson showed that a free falling observer descending in the Schwarzschild metric would cross the r = rs singularity in a finite amount of proper time even though this would take an infinite amount of time in terms of coordinate time t."
That infinite coordinate time means it hasn't happened yet, and it never ever will. This is what The Elephant and the Event Horizon is all about. Look at the Schwarzschild-coordinate picture from MTW. Imagine the light-cone is the elephant:

Note how the picture is truncated vertically? What that "suspiciously leaves out" is that at r=rs the elephant goes to the end of time and back, and is in two places at once. Draw a horizontal line at about t/M=45 and trace across from right to left. The elephant is there at τ = 33.3M, and it's there again at τ = 34.2M. IMHO this is nonsense, along with the idea that you can switch to say KS coordinates to get past this. When light stops an optical clock stops, and the stopped observer doesn't see it ticking normally "in his frame". Light is stopped, so he sees nothing, ever. See The Formation and Growth of Black Holes where Kevin Brown refers to the frozen-star interpretation. Most people don't know about it, but IMHO it's the only interpretation that makes sense and fits in with what Einstein said.