As others have noted, bonds are technically subject to the same market trading pressures as stocks, so they can do the same things.
But I want to address the point about unknown/irrational reasons for heavy buying or selling of particular bonds, and why it generally doesn't happen the same way it does for stocks. Stocks are hard to value, and much of the information that goes into valuing them is hidden, complex, or both, beyond the ability of even the most sophisticated investor to suss out. That's what allows for the wild swings in value; when everyone is investing with limited information, it's easy for misinformation and mass psychology (including "follow-the-herd" instincts kicking in to reinforce smaller movements) to influence buying behavior.
By contrast, there's really only two hidden/complex elements to valuing bonds:
- Will bonds issued later pay better rates?
- Is the company going to go bankrupt (and default) prior to paying off the bond?
and both of them are mitigated in ways that are essentially impossible with stocks:
- Central banks exist to make #1 more predictable
- Bond rating companies exist to minimize the risk of #2
- Even in the event of bankruptcy, bond holders are paid first, stockholders second, so if the value of the outstanding bonds is less than the saleable stuff the company holds, those bonds still pay out even if the company goes under, while stockholders are left with whatever remains (nothing at all if the bondholders took a haircut themselves)
Everything else about a bond is essentially public knowledge (terms, rate, schedule, interest rates available from competing options like CDs and high-yield savings accounts, etc.), so there's nothing to use as a basis for irrational enthusiasm. For most bonds, the interest rate and payment schedule is either fixed or algorithmic in some predictable way, and it's 100% public information. You know exactly what you'll get if you buy the bond today and hold it until maturity, there's no room for "but what if the bond suddenly becomes more valuable?!?" because the only reason the bond value changes, practically speaking, is because the interest rates for newly issued bonds changed; when those interest rates go down, the value of existing (higher interest rate) bonds goes up, and vice-versa, but only in proportion to the time to maturity, and the increase in value will, as close as possible, exactly match the cost to buy a new bond with the same maturity date and payout schedule at the new interest rate.
Even if low information traders do weird things, high information traders will immediately correct for disparities, and get a reliable payout for it, because at the end of the day, they can just hold the bond until maturity to collect the real value (when value reduced by irrational trading), buy different bonds with the profits above the real value (when value increased by irrational trading), or simply avoid bonds in favor of other safe investments with better interest rates (if the auctions of new bonds are overwhelmed by morons happy to accept repayment rates well below what other safe investments provide).
In short: Stocks have many hidden and complex factors that allow speculation and irrational behaviors to occur in the absence of reliable information and the inability to develop complete expertise. Bonds don't.