Is there a way to chance the project status to active after the project budget is approved

Summary:

Is there a way to chance the project status to active after the project budget is approved

Content (required):

We have a requirement to automatically the change the project status to active after the project budget is approved. Can this be achieved with the standard setup? If not, any other alternatives?

Thank You!

Version (include the version you are using, if applicable):

21C

Code Snippet (add any code snippets that support your topic, if applicable):