The Irish province finished last season in tenth place ahead of Italian sides Benetton Treviso and Zebre.
And the newly installed captain believes previous campaigns have unravelled when injuries and a lack of depth took hold.
But with the arrival of new faces - including All Blacks veteran Mils Muliaina - Connacht are looking to make moves up the table.
And, with a full squad available, Muldoon thinks his side can match any team in the league.
"We feel like we've progressed a lot and throughout the year we went back to the drawing board a few times and through stuff out and added stuff that did work for us last year," Muldoon said at the launch of the GUINNESS PRO12 season.
"Looking at the number of youngsters that are in our squad who have had game time last year, we will be looking at those to really stand up and make positions their own this year.
"I think our squad depth is the best it's ever been and I think that's what we have lacked over the last couple of years.
"There's no doubt that if you have the fittest Connacht 23 then we can put it up to anyone on a given week.
"The issue is when we get a couple of injuries and we start to struggle.
"I think at the moment we're building a squad and we're building depth that we have never had before and that's great to see."
The arrival of Muliaina has Muldoon excited and he insists the 34-year-old hasn't joined to be a mentor but will play a major role for Connacht in the forthcoming season.
"He is someone who has got 99 caps for New Zealand and I think was probably one of the best New Zealand backs for over a decade," Muldoon added.
"I'm interested to see what Mils is like and I'm sure he's not come over just to be a mentor, I'm sure he wants to play as well.
"It's certainly exciting times and we are looking forward to him coming in.
"When you get someone who has 99 caps for their country and has undoubtedly been the best country at playing rugby for the last two decades you have to stand up and take notice.
"So we're delighted to have him on our side as opposed to playing against him."
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